Analyst Consensus ?
ConsensusHold45 ratings
Bullish2351.1%
Neutral2146.7%
Bearish12.2%
1 unmapped firm rating excluded from the percentages.
ON Semiconductor Corporation · ON · FY2026 Q1 · Calendar Q2 2026
ON Semiconductor Beats on Revenue and EPS as AI Data-Center Demand Accelerates
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…
Reported After market closeNASDAQTechnology
$30.69B market cap
100quality score
Company 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.…
Earnings scorecard
Reported versus consensus
Reported EPS
$0.64
Consensus $1
EPS surprise
+4.4%
Reported versus consensus
Reported revenue
$1.51B
Consensus $1.49B
Revenue surprise
+1.7%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$78.86Previous close
$51Low
$86.18Average
$150High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Jul 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 |
|---|---|---|---|---|
| Wells Fargo | Overweight | Overweight | Maintain | Jul 20, 2026 |
| TD Cowen | Hold | Hold | Maintain | Jul 13, 2026 |
| Susquehanna | Positive | Positive | Maintain | Jul 9, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Jul 1, 2026 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | Jun 29, 2026 |
| Needham | Buy | Buy | Maintain | Jun 26, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jun 26, 2026 |
| B. Riley Securities | Buy | Buy | Maintain | Jun 26, 2026 |
| Stifel | Hold | Hold | Maintain | Jun 24, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Jun 15, 2026 |
| B of A Securities | Buy | Buy | Maintain | May 26, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | May 6, 2026 |
| Truist Securities | Hold | Hold | Maintain | May 5, 2026 |
| Rosenblatt | Neutral | Neutral | Maintain | May 5, 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 |
| Baird | Neutral | Neutral | 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 previous close $78.86. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Susquehanna | Analyst unavailable | $150 | $101.77 | +90.2% | Jul 9, 2026 |
| Mizuho Securities | Analyst unavailable | $125 | $94.54 | +58.5% | Jul 1, 2026 |
| UBS | Timothy Arcuri | $95 | $87.81 | +20.5% | Jun 29, 2026 |
| Needham | Analyst unavailable | $130 | $118.74 | +64.8% | Jun 26, 2026 |
| Susquehanna | Analyst unavailable | $140 | $118.74 | +77.5% | Jun 26, 2026 |
| Evercore ISI | Mark Lipacis | $137 | $118.74 | +73.7% | Jun 26, 2026 |
| UBS | Analyst unavailable | $110 | $118.74 | +39.5% | Jun 26, 2026 |
| Stifel Nicolaus | Analyst unavailable | $107 | $117.06 | +35.7% | Jun 24, 2026 |
| Mizuho Securities | Analyst unavailable | $120 | $104 | +52.2% | May 5, 2026 |
| Susquehanna | Analyst unavailable | $120 | $102.04 | +52.2% | May 5, 2026 |
| Barclays | Tom O'Malley | $75 | $71.18 | -4.9% | Feb 12, 2026 |
| BNP Paribas | David O'Connor | $62 | $63.13 | -21.4% | Jan 22, 2026 |
| Williams Trading | David Williams | $60 | $48.12 | -23.9% | Nov 4, 2025 |
| Truist Financial | William Stein | $51 | $48.25 | -35.3% | Nov 4, 2025 |
| CFRA | Angelo Zino | $64 | $50.46 | -18.8% | Nov 4, 2025 |
| Roth Capital | Analyst unavailable | $60 | $45.4 | -23.9% | Mar 7, 2025 |
| Stifel Nicolaus | Tore Svanberg | $60 | $53.94 | -23.9% | Jan 11, 2025 |
| Loop Capital Markets | Gary Mobley | $95 | $69.96 | +20.5% | Nov 11, 2024 |
| Robert W. Baird | Tristan Gerra | $75 | $72.24 | -4.9% | Oct 29, 2024 |
| B.Riley Financial | Craig Ellis | $100 | $72.24 | +26.8% | Oct 29, 2024 |
| Morgan Stanley | Joseph Moore | $64 | $72.24 | -18.8% | Oct 29, 2024 |
| Goldman Sachs | Toshiya Hari | $92 | $72.24 | +16.7% | Oct 28, 2024 |
| Truist Financial | William Stein | $89 | $72.24 | +12.9% | Oct 28, 2024 |
| Mizuho Securities | Vijay Rakesh | $85 | $69.24 | +7.8% | Oct 18, 2024 |
| Williams Trading | David Williams | $90 | $74.9 | +14.1% | Jul 30, 2024 |
| Truist Financial | William Stein | $97 | $73.97 | +23.0% | Jul 30, 2024 |
| Robert W. Baird | Tristan Gerra | $70 | $78.27 | -11.2% | Jul 30, 2024 |
| Evercore ISI | Mark Lipacis | $105 | $78.27 | +33.1% | Jul 29, 2024 |
| CFRA | Angelo Zino | $80 | $78.27 | +1.4% | Jul 29, 2024 |
| Susquehanna | Christopher Rolland | $95 | $78.74 | +20.5% | Jul 17, 2024 |
| Morgan Stanley | Joseph Moore | $65 | $75.46 | -17.6% | Jul 11, 2024 |
| Jefferies | Blayne Curtis | $100 | $70.46 | +26.8% | May 13, 2024 |
| Williams Trading | David Williams | $80 | $70.25 | +1.4% | Apr 30, 2024 |
| Rosenblatt Securities | Kevin Cassidy | $70 | $70.16 | -11.2% | Apr 30, 2024 |
| Deutsche Bank | Ross Seymore | $85 | $72.3 | +7.8% | Apr 30, 2024 |
| B.Riley Financial | Craig Ellis | $103 | $70.16 | +30.6% | Apr 30, 2024 |
| Susquehanna | Christopher Rolland | $85 | $70.82 | +7.8% | Apr 30, 2024 |
| KeyBanc | John Vinh | $90 | $70.82 | +14.1% | Apr 30, 2024 |
| Mizuho Securities | Vijay Rakesh | $87 | $70.82 | +10.3% | Apr 30, 2024 |
| Goldman Sachs | Toshiya Hari | $89 | $70.82 | +12.9% | Apr 30, 2024 |
| Wells Fargo | Gary Mobley | $95 | $60.65 | +20.5% | Apr 23, 2024 |
| BNP Paribas | David O'Connor | $55 | $62.93 | -30.3% | Apr 19, 2024 |
| Goldman Sachs | Toshiya Hari | $81 | $65.64 | +2.7% | Apr 16, 2024 |
| Evercore ISI | Mark Lipacis | $104 | $65.64 | +31.9% | Apr 15, 2024 |
| New Street | Vijay Rakesh | $92 | $74.04 | +16.7% | Mar 19, 2024 |
| Stifel Nicolaus | Tore Svanberg | $105 | $108.41 | +33.1% | Aug 1, 2023 |
| Stifel Nicolaus | Tore Svanberg | $83 | $86.09 | +5.2% | May 17, 2023 |
| Mizuho Securities | Vijay Rakesh | $90 | $79.2 | +14.1% | May 2, 2023 |
| Wedbush | Seth Basham Analyst Firm | $115 | $77.15 | +45.8% | Mar 13, 2023 |
| Citigroup | Analyst unavailable | $95 | $83.52 | +20.5% | Feb 8, 2023 |
| Citigroup | Itay Michaeli | $115 | $82.55 | +45.8% | Feb 7, 2023 |
| Wells Fargo | Analyst unavailable | $95 | $82.55 | +20.5% | Feb 7, 2023 |
| Craig-Hallum | Analyst unavailable | $96 | $82.32 | +21.7% | Feb 7, 2023 |
| Truist Financial | Analyst unavailable | $93 | $82.42 | +17.9% | Feb 7, 2023 |
| J.P. Morgan | Analyst unavailable | $90 | $82.28 | +14.1% | Feb 7, 2023 |
| Morgan Stanley | Analyst unavailable | $89 | $80.4 | +12.9% | Feb 7, 2023 |
| Susquehanna | Analyst unavailable | $100 | $80.4 | +26.8% | Feb 7, 2023 |
| Raymond James | Analyst unavailable | $90 | $80.4 | +14.1% | Feb 7, 2023 |
| Needham | Analyst unavailable | $100 | $80.4 | +26.8% | Feb 7, 2023 |
| Credit Suisse | Analyst unavailable | $83 | $74.3 | +5.2% | Nov 16, 2022 |
| Williams Trading | David Williams | $69 | $61.74 | -12.5% | Nov 1, 2022 |
| Mizuho Securities | Vijay Rakesh | $80 | $63.41 | +1.4% | Nov 1, 2022 |
| Robert W. Baird | Tristan Gerra | $80 | $61.43 | +1.4% | Oct 31, 2022 |
| Needham | Rajvindra Gill | $73 | $61.43 | -7.4% | Oct 31, 2022 |
| Susquehanna | Christopher Rolland | $82 | $70.96 | +4.0% | Aug 16, 2022 |
| Mizuho Securities | Vijay Rakesh | $79 | $71.37 | +0.2% | Aug 15, 2022 |
| Jefferies | Analyst unavailable | $77 | $67.38 | -2.4% | Aug 2, 2022 |
| Cowen & Co. | Analyst unavailable | $81 | $67.35 | +2.7% | Aug 2, 2022 |
| Deutsche Bank | Analyst unavailable | $75 | $67.35 | -4.9% | Aug 2, 2022 |
| Morgan Stanley | Analyst unavailable | $65 | $64.46 | -17.6% | Aug 2, 2022 |
| Goldman Sachs | Analyst unavailable | $68 | $63.66 | -13.8% | Aug 2, 2022 |
| Citigroup | Analyst unavailable | $75 | $63.66 | -4.9% | Aug 2, 2022 |
| Mizuho Securities | Analyst unavailable | $72 | $63.66 | -8.7% | Aug 2, 2022 |
| Deutsche Bank | Ross Seymore | $65 | $66.78 | -17.6% | Jul 30, 2022 |
| Goldman Sachs | Toshiya Hari | $60 | $61.08 | -23.9% | Jul 27, 2022 |
| Morgan Stanley | Analyst unavailable | $56 | $59.96 | -29.0% | Jun 10, 2022 |
| Mizuho Securities | Analyst unavailable | $68 | $56.48 | -13.8% | May 3, 2022 |
| Rosenblatt Securities | Kevin Cassidy | $80 | $56.26 | +1.4% | May 3, 2022 |
| Morgan Stanley | Analyst unavailable | $60 | $53.5 | -23.9% | May 2, 2022 |
| J.P. Morgan | Harlan Sur | $70 | $55.62 | -11.2% | May 2, 2022 |
| Morgan Stanley | Joseph Moore | $60 | $55.62 | -23.9% | May 2, 2022 |
| Robert W. Baird | Tristan Gerra | $80 | $55.62 | +1.4% | May 2, 2022 |
| Deutsche Bank | Ross Seymore | $70 | $51.78 | -11.2% | Apr 25, 2022 |
| Piper Sandler | Harsh Kumar | $75 | $63.5 | -4.9% | Feb 27, 2022 |
| Craig-Hallum | Anthony Stoss | $72 | $65.97 | -8.7% | Feb 8, 2022 |
| UBS | Pradeep Ramani | $69 | $65.97 | -12.5% | Feb 8, 2022 |
| Jefferies | Mark Lipacis | $75 | $65.97 | -4.9% | Feb 8, 2022 |
| Morgan Stanley | Joseph Moore | $68 | $65.97 | -13.8% | Feb 8, 2022 |
| BMO Capital | Ambrish Srivastava | $60 | $65.97 | -23.9% | Feb 8, 2022 |
| J.P. Morgan | Harlan Sur | $71 | $65.97 | -10.0% | Feb 8, 2022 |
| KeyBanc | John Vinh | $80 | $65.97 | +1.4% | Feb 8, 2022 |
| Needham | Rajvindra Gill | $80 | $65.97 | +1.4% | Feb 8, 2022 |
| Stifel Nicolaus | Tore Svanberg | $64 | $62.26 | -18.8% | Feb 7, 2022 |
| Robert W. Baird | Tristan Gerra | $80 | $62.26 | +1.4% | Feb 7, 2022 |
| Wells Fargo | Gary Mobley | $65 | $64.64 | -17.6% | Jan 13, 2022 |
| Bank of America Securities | Vivek Arya | $82 | $65.12 | +4.0% | Jan 10, 2022 |
| Goldman Sachs | Toshiya Hari | $70 | $70.17 | -11.2% | Jan 3, 2022 |
| Cowen & Co. | Matt Ramsay | $65 | $57.14 | -17.6% | Nov 2, 2021 |
| Raymond James | Chris Caso | $68 | $57.14 | -13.8% | Nov 2, 2021 |
Track every rating change on ON the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
+0.6%
Event window
SPY move
+0.8%
Same window
Abnormal move
-0.2%
Stock minus SPY
Volume
2.1×
Versus trailing sessions
Subsequent drift
+30.4%
Up to 20 sessions
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Try FN2 freeTranscript intelligence
What changed
Revenue of $1.51B beat the $1.49B consensus by 1.7%. Non-GAAP EPS of $0.64 exceeded the $0.613 estimate by 4.4%. Gross margin expanded to 38.5% for a third straight quarter. AI data-center revenue grew 30% sequentially with management guiding to a full-year doubling in 2026. Automotive EV wins continued with 55% share in new models at the Beijing Auto Show for SiC/IGBT platforms. Treo platform projecting 60-70% gross margins and up to $1B revenue by 2030. $346M returned to shareholders via share repurchases.
Guidance delta
Guidance maintained. Q2 2026 revenue guided to $1.535-$1.635 billion with non-GAAP EPS of $0.65-$0.77. AI data-center revenue now expected to double year-over-year in 2026, upgraded from prior characterization as an emerging growth engine. Capex outlook stable.
Key takeaways
- Q1 revenue of $1.51B and EPS of $0.64 beat guidance and consensus with gross margin expanding to 38.5% for a third straight quarter
- AI data-center revenue grew 30% sequentially and is expected to double YoY in 2026, positioning ON as a credible hyperscaler power supplier
- Treo platform projecting 60-70% gross margins with up to $1B revenue by 2030 across automotive and industrial
- GaN design pipeline exceeds $1.5B with 30 devices sampling; vertical GaN revenue expected in 2027
- $346M returned to shareholders via buybacks under the $6B repurchase program
Management priorities
- Scale Treo platform shipments targeting high-margin automotive zonal architectures
- Begin vertical GaN revenue generation in 2027
- Launch VCORE multiphase controllers for server CPU power delivery
- Expand hybrid SiC modules with partners such as Sungrow Electric
- Continue share repurchases while maintaining disciplined capex and R&D
Related earnings events
TechnologySources
- 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 · 2026-07-30T08:18:54.818901+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T08:18:54.816098+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 . For educational purposes only; not investment advice.