Analyst Consensus ?
ConsensusHold45 ratings
Bullish2351.1%
Neutral2146.7%
Bearish12.2%
1 unmapped firm rating excluded from the percentages.
ON Semiconductor Corporation · ON · FY2025 Q4 · Calendar Q1 2026
ON Semiconductor: AI Growth Meets 2026 Margin Execution
The supplied analysis supports a constructive but execution-dependent view: AI data-center growth, product expansion and cost actions may support earnings growth, while utilization, automotive demand and the timing of new products remain important constraints.
Reported After market closeNASDAQTechnology
$29.57B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.64
Consensus $0.62
EPS surprise
+2.6%
Reported versus consensus
Reported revenue
$1.53B
Consensus $1.54B
Revenue surprise
-0.4%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+3.5%
Event window
SPY move
-0.3%
Same window
Abnormal move
+3.8%
Stock minus SPY
Volume
2.1×
Versus trailing sessions
Subsequent drift
-12.1%
Up to 20 sessions
ONSPY benchmark
Ask FN2 about ON FY2025 Q4
Transcript, numbers and history already loaded
Why did ON rise 3.5% after beating EPS estimates in FY2025 Q4?What changed in ON's guidance and outlook in FY2025 Q4?Give me the bull and bear case for ON after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior analysis, the focus shifted from initial AI and Vcore/Treo ramp commentary to demonstrated AI data-center revenue above $250 million, FabRite cost actions, a broader GaN pipeline and explicit 2026 utilization and capex priorities.
Guidance delta
Management guidance sentiment was maintained. The supplied analysis describes 2026 expectations for modest revenue growth, 37.5%–39.5% non-GAAP gross margin, and continued free-cash-flow generation.
Key takeaways
- Q4 revenue was $1.53 billion and EPS was $0.64, with EPS above the supplied estimate and revenue slightly below it.
- AI data-center sales exceeded $250 million in 2025 and remain a central growth driver.
- FabRite cost actions, higher utilization and a Treo, GaN/VGaN and PowerTree pipeline support the margin-expansion case.
- Automotive inventory digestion, seasonal softness and fab under-utilization remain the main execution risks.
Management priorities
- Expand AI data-center power-efficiency solutions and the PowerTree portfolio
- Increase fab utilization while maintaining 2026 capex in the $35–$45 million range
- Scale Treo, GaN/VGaN and SmartFET products across automotive and industrial markets
- Continue the $6 billion share-repurchase program
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Miss
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Analyst 52W Price Targets
$75.95Current
$60Low
$87.05Average
$150High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 30, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Truist Securities | Hold | Hold | Maintain | Sep 18, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Sep 17, 2026 |
| Stifel | Hold | Hold | Maintain | Sep 17, 2026 |
| Rosenblatt | Neutral | Neutral | Maintain | Sep 17, 2026 |
| Needham | Buy | Buy | Maintain | Sep 17, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Sep 17, 2026 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | Sep 17, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Aug 5, 2026 |
| Baird | Neutral | Neutral | Maintain | Aug 4, 2026 |
| B. Riley Securities | Buy | Buy | Maintain | Aug 4, 2026 |
| TD Cowen | Hold | Hold | Maintain | Jul 13, 2026 |
| Susquehanna | Positive | Positive | Maintain | Jul 9, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jun 26, 2026 |
| B of A Securities | Buy | Buy | Maintain | May 26, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | May 6, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | May 5, 2026 |
| Keybanc | Overweight | Overweight | Maintain | May 5, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | May 5, 2026 |
| Jefferies | Buy | Buy | Maintain | May 5, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Feb 10, 2026 |
| Benchmark | Hold | Buy | Downgrade | Feb 10, 2026 |
| UBS | Neutral | Neutral | Maintain | Oct 27, 2025 |
| Roth Capital | Buy | Buy | Maintain | Jun 17, 2025 |
| Loop Capital | Buy | Buy | Maintain | May 6, 2025 |
| Roth MKM | Buy | Buy | Maintain | Feb 11, 2025 |
| Goldman Sachs | Buy | Buy | Maintain | Feb 11, 2025 |
| Craig-Hallum | Hold | Hold | Maintain | Feb 11, 2025 |
| Deutsche Bank | Buy | Buy | Maintain | Jul 30, 2024 |
| Exane BNP Paribas | Underperform | Neutral | Downgrade | Apr 19, 2024 |
| Summit Insights Group | Hold | Buy | Downgrade | Oct 30, 2023 |
| BMO Capital | Market Perform | Market Perform | Maintain | Aug 1, 2023 |
| Raymond James | Market Perform | Outperform | Downgrade | Mar 2, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Feb 7, 2023 |
| William Blair | Market Perform | Outperform | Downgrade | Jan 10, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Nov 16, 2022 |
| B. Riley FBR | Buy | Neutral | Upgrade | Jul 22, 2020 |
| CFRA | Buy | Buy | Maintain | May 12, 2020 |
| B. Riley | Buy | Buy | Maintain | Jan 27, 2020 |
| Longbow Research | Neutral | Buy | Downgrade | Apr 17, 2019 |
| Nomura | Buy | Buy | Maintain | Oct 30, 2018 |
| PiperJaffray | Neutral | Neutral | Maintain | Dec 19, 2017 |
| Pacific Crest | Overweight | Downgrade | Jun 20, 2017 | |
| Stephens & Co. | Overweight | Equal Weight | Upgrade | Oct 3, 2016 |
| CLSA | Perform | Perform | Maintain | Sep 20, 2016 |
| Stifel Nicolaus | Buy | Buy | Maintain | Feb 9, 2016 |
| Wedbush | Outperform | Outperform | Maintain | Jan 7, 2016 |
Named analyst price targets
Upside is calculated against the persisted current price $75.95. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Seaport Global | Jay Goldberg | $100 | $73.6 | +31.7% | Sep 22, 2026 |
| Truist Financial | William Stein | $75 | $69.12 | -1.3% | Sep 18, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $90 | $66.6 | +18.5% | Sep 17, 2026 |
| Stifel Nicolaus | Analyst unavailable | $75 | $66.6 | -1.3% | Sep 17, 2026 |
| Mizuho Securities | Vijay Rakesh | $95 | $66.6 | +25.1% | Sep 17, 2026 |
| Truist Financial | William Stein | $40 | $83.38 | -47.3% | Aug 12, 2026 |
| Bernstein | Aneesha Sherman | $62 | $83.37 | -18.4% | Aug 12, 2026 |
| Truist Financial | William Stein | $91 | $77.45 | +19.8% | Aug 5, 2026 |
| Needham | Quinn Bolton | $116 | $80.02 | +52.7% | Aug 4, 2026 |
| Cantor Fitzgerald | Matthew Prisco | $110 | $83.36 | +44.8% | Jul 31, 2026 |
| Susquehanna | Analyst unavailable | $150 | $101.77 | +97.5% | Jul 9, 2026 |
| Mizuho Securities | Analyst unavailable | $125 | $94.54 | +64.6% | Jul 1, 2026 |
| UBS | Timothy Arcuri | $95 | $87.81 | +25.1% | Jun 29, 2026 |
| Needham | Analyst unavailable | $130 | $118.74 | +71.2% | Jun 26, 2026 |
| Susquehanna | Analyst unavailable | $140 | $118.74 | +84.3% | Jun 26, 2026 |
| Evercore ISI | Mark Lipacis | $137 | $118.74 | +80.4% | Jun 26, 2026 |
| UBS | Analyst unavailable | $110 | $118.74 | +44.8% | Jun 26, 2026 |
| Stifel Nicolaus | Analyst unavailable | $107 | $117.06 | +40.9% | Jun 24, 2026 |
| Mizuho Securities | Analyst unavailable | $120 | $104 | +58.0% | May 5, 2026 |
| Susquehanna | Analyst unavailable | $120 | $102.04 | +58.0% | May 5, 2026 |
| Barclays | Tom O'Malley | $75 | $71.18 | -1.3% | Feb 12, 2026 |
| BNP Paribas | David O'Connor | $62 | $63.13 | -18.4% | Jan 22, 2026 |
| Williams Trading | David Williams | $60 | $48.12 | -21.0% | Nov 4, 2025 |
| Truist Financial | William Stein | $51 | $48.25 | -32.9% | Nov 4, 2025 |
| CFRA | Angelo Zino | $64 | $50.46 | -15.7% | Nov 4, 2025 |
| Roth Capital | Analyst unavailable | $60 | $45.4 | -21.0% | Mar 7, 2025 |
| Stifel Nicolaus | Tore Svanberg | $60 | $53.94 | -21.0% | Jan 11, 2025 |
| Loop Capital Markets | Gary Mobley | $95 | $69.96 | +25.1% | Nov 11, 2024 |
| Robert W. Baird | Tristan Gerra | $75 | $72.24 | -1.3% | Oct 29, 2024 |
| B.Riley Financial | Craig Ellis | $100 | $72.24 | +31.7% | Oct 29, 2024 |
| Morgan Stanley | Joseph Moore | $64 | $72.24 | -15.7% | Oct 29, 2024 |
| Goldman Sachs | Toshiya Hari | $92 | $72.24 | +21.1% | Oct 28, 2024 |
| Truist Financial | William Stein | $89 | $72.24 | +17.2% | Oct 28, 2024 |
| Mizuho Securities | Vijay Rakesh | $85 | $69.24 | +11.9% | Oct 18, 2024 |
| Williams Trading | David Williams | $90 | $74.9 | +18.5% | Jul 30, 2024 |
| Truist Financial | William Stein | $97 | $73.97 | +27.7% | Jul 30, 2024 |
| Robert W. Baird | Tristan Gerra | $70 | $78.27 | -7.8% | Jul 30, 2024 |
| Evercore ISI | Mark Lipacis | $105 | $78.27 | +38.2% | Jul 29, 2024 |
| CFRA | Angelo Zino | $80 | $78.27 | +5.3% | Jul 29, 2024 |
| Susquehanna | Christopher Rolland | $95 | $78.74 | +25.1% | Jul 17, 2024 |
| Morgan Stanley | Joseph Moore | $65 | $75.46 | -14.4% | Jul 11, 2024 |
| Jefferies | Blayne Curtis | $100 | $70.46 | +31.7% | May 13, 2024 |
| Williams Trading | David Williams | $80 | $70.25 | +5.3% | Apr 30, 2024 |
| Rosenblatt Securities | Kevin Cassidy | $70 | $70.16 | -7.8% | Apr 30, 2024 |
| Deutsche Bank | Ross Seymore | $85 | $72.3 | +11.9% | Apr 30, 2024 |
| B.Riley Financial | Craig Ellis | $103 | $70.16 | +35.6% | Apr 30, 2024 |
| Susquehanna | Christopher Rolland | $85 | $70.82 | +11.9% | Apr 30, 2024 |
| KeyBanc | John Vinh | $90 | $70.82 | +18.5% | Apr 30, 2024 |
| Mizuho Securities | Vijay Rakesh | $87 | $70.82 | +14.5% | Apr 30, 2024 |
| Goldman Sachs | Toshiya Hari | $89 | $70.82 | +17.2% | Apr 30, 2024 |
| Wells Fargo | Gary Mobley | $95 | $60.65 | +25.1% | Apr 23, 2024 |
| BNP Paribas | David O'Connor | $55 | $62.93 | -27.6% | Apr 19, 2024 |
| Goldman Sachs | Toshiya Hari | $81 | $65.64 | +6.6% | Apr 16, 2024 |
| Evercore ISI | Mark Lipacis | $104 | $65.64 | +36.9% | Apr 15, 2024 |
| New Street | Vijay Rakesh | $92 | $74.04 | +21.1% | Mar 19, 2024 |
| Stifel Nicolaus | Tore Svanberg | $105 | $108.41 | +38.2% | Aug 1, 2023 |
| Rosenblatt Securities | Kevin Cassidy | $95 | $86.09 | +25.1% | May 17, 2023 |
| Mizuho Securities | Vijay Rakesh | $90 | $79.2 | +18.5% | May 2, 2023 |
| Wedbush | Seth Basham Analyst Firm | $115 | $77.15 | +51.4% | Mar 13, 2023 |
| Citigroup | Analyst unavailable | $95 | $83.52 | +25.1% | Feb 8, 2023 |
| Citigroup | Itay Michaeli | $115 | $82.55 | +51.4% | Feb 7, 2023 |
| Wells Fargo | Analyst unavailable | $95 | $82.55 | +25.1% | Feb 7, 2023 |
| Craig-Hallum | Analyst unavailable | $96 | $82.32 | +26.4% | Feb 7, 2023 |
| Truist Financial | Analyst unavailable | $93 | $82.42 | +22.4% | Feb 7, 2023 |
| J.P. Morgan | Analyst unavailable | $90 | $82.28 | +18.5% | Feb 7, 2023 |
| Morgan Stanley | Analyst unavailable | $89 | $80.4 | +17.2% | Feb 7, 2023 |
| Susquehanna | Analyst unavailable | $100 | $80.4 | +31.7% | Feb 7, 2023 |
| Raymond James | Analyst unavailable | $90 | $80.4 | +18.5% | Feb 7, 2023 |
| Needham | Analyst unavailable | $100 | $80.4 | +31.7% | Feb 7, 2023 |
| Credit Suisse | Analyst unavailable | $83 | $74.3 | +9.3% | Nov 16, 2022 |
| Williams Trading | David Williams | $69 | $61.74 | -9.2% | Nov 1, 2022 |
| Mizuho Securities | Vijay Rakesh | $80 | $63.41 | +5.3% | Nov 1, 2022 |
| Robert W. Baird | Tristan Gerra | $80 | $61.43 | +5.3% | Oct 31, 2022 |
| Needham | Rajvindra Gill | $73 | $61.43 | -3.9% | Oct 31, 2022 |
| Susquehanna | Christopher Rolland | $82 | $70.96 | +8.0% | Aug 16, 2022 |
| Mizuho Securities | Vijay Rakesh | $79 | $71.37 | +4.0% | Aug 15, 2022 |
| Jefferies | Analyst unavailable | $77 | $67.38 | +1.4% | Aug 2, 2022 |
| Cowen & Co. | Analyst unavailable | $81 | $67.35 | +6.6% | Aug 2, 2022 |
| Deutsche Bank | Analyst unavailable | $75 | $67.35 | -1.3% | Aug 2, 2022 |
| Morgan Stanley | Analyst unavailable | $65 | $64.46 | -14.4% | Aug 2, 2022 |
| Goldman Sachs | Analyst unavailable | $68 | $63.66 | -10.5% | Aug 2, 2022 |
| Citigroup | Analyst unavailable | $75 | $63.66 | -1.3% | Aug 2, 2022 |
| Mizuho Securities | Analyst unavailable | $72 | $63.66 | -5.2% | Aug 2, 2022 |
| Deutsche Bank | Ross Seymore | $65 | $66.78 | -14.4% | Jul 30, 2022 |
| Goldman Sachs | Toshiya Hari | $60 | $61.08 | -21.0% | Jul 27, 2022 |
| Morgan Stanley | Analyst unavailable | $56 | $59.96 | -26.3% | Jun 10, 2022 |
| Mizuho Securities | Analyst unavailable | $68 | $56.48 | -10.5% | May 3, 2022 |
| Rosenblatt Securities | Kevin Cassidy | $80 | $56.26 | +5.3% | May 3, 2022 |
| Morgan Stanley | Analyst unavailable | $60 | $53.5 | -21.0% | May 2, 2022 |
| J.P. Morgan | Harlan Sur | $70 | $55.62 | -7.8% | May 2, 2022 |
| Morgan Stanley | Joseph Moore | $60 | $55.62 | -21.0% | May 2, 2022 |
| Robert W. Baird | Tristan Gerra | $80 | $55.62 | +5.3% | May 2, 2022 |
| Deutsche Bank | Ross Seymore | $70 | $51.78 | -7.8% | Apr 25, 2022 |
| Piper Sandler | Harsh Kumar | $75 | $63.5 | -1.3% | Feb 27, 2022 |
| Craig-Hallum | Anthony Stoss | $72 | $65.97 | -5.2% | Feb 8, 2022 |
| UBS | Pradeep Ramani | $69 | $65.97 | -9.2% | Feb 8, 2022 |
| Jefferies | Mark Lipacis | $75 | $65.97 | -1.3% | Feb 8, 2022 |
| Morgan Stanley | Joseph Moore | $68 | $65.97 | -10.5% | Feb 8, 2022 |
| BMO Capital | Ambrish Srivastava | $60 | $65.97 | -21.0% | Feb 8, 2022 |
| J.P. Morgan | Harlan Sur | $71 | $65.97 | -6.5% | Feb 8, 2022 |
| KeyBanc | John Vinh | $80 | $65.97 | +5.3% | Feb 8, 2022 |
| Needham | Rajvindra Gill | $80 | $65.97 | +5.3% | Feb 8, 2022 |
| Stifel Nicolaus | Tore Svanberg | $64 | $62.26 | -15.7% | Feb 7, 2022 |
| Robert W. Baird | Tristan Gerra | $80 | $62.26 | +5.3% | Feb 7, 2022 |
| Wells Fargo | Gary Mobley | $65 | $64.64 | -14.4% | Jan 13, 2022 |
| Bank of America Securities | Vivek Arya | $82 | $65.12 | +8.0% | Jan 10, 2022 |
| Goldman Sachs | Toshiya Hari | $70 | $70.17 | -7.8% | Jan 3, 2022 |
| Cowen & Co. | Matt Ramsay | $65 | $57.14 | -14.4% | Nov 2, 2021 |
| Raymond James | Chris Caso | $68 | $57.14 | -10.5% | Nov 2, 2021 |
Track every rating change on ON the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationON Semiconductor Corporation operates as a global provider of sophisticated power and sensing solutions. Their cutting-edge power innovations are pivotal in modernizing various sectors: they contribute to the development of lighter, extended-range electric vehicles, underpin rapid-charging infrastructure, and bolster sustainable energy initiatives for applications such as solar arrays, industrial power systems, and energy storage. The company's operations are structured into three main divisions: the Power Solutions Group, the Advanced Solutions Group, and the Intelligent Sensing Group. ON Semiconductor offers a broad array of semiconductor products, including analog components, discrete devices, modules, and integrated circuits. These products are designed to perform numerous critical functions, such as power switching, energy conversion, signal conditioning, circuit protection, signal amplification, and voltage regulation.…
Historical context
All ON earningsTechnology peers this season
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- GISFY2027 Q1 · September 23, 2026+4.6% EPS+1.0% move
Get the ON recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-30T02:26:16.123262+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-30T02:26:16.119780+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-30. For educational purposes only; not investment advice.