ON Semiconductor Corp. Q3 FY2023 results: revenue $2.2 billion, down 0.5% on the year

ON Semiconductor Corp. (ON) reported revenue of $2.2 billion for Q3 FY2023, the quarter ended 29 September 2023, down 0.5% on the same quarter a year earlier. Net income was $583 million, up 86.8% on the year, and diluted earnings per share $1.29. The figures are the company's own, from the 10-Q it filed with the SEC on 30 October 2023.

Revenue$2.2 billiondown 0.5%

Net income$583 millionup 86.8%

Diluted EPS$1.29

QuarterQ3 FY2023ended 29 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	2,181	n/a	n/a	n/a
Cost of revenue	1,150	n/a	n/a	n/a
Gross profit	1,031	n/a	n/a	n/a
Gross margin	47.3%	n/a	n/a
Research and development	143	n/a	n/a	n/a
Operating income	687	n/a	n/a	n/a
Operating margin	31.5%	n/a	n/a
Interest expense	16.2	n/a	n/a	n/a
Income tax	115	n/a	n/a	n/a
Net income	583	n/a	n/a	n/a
Net margin	26.7%	n/a	n/a
Diluted EPS	$1.29	n/a	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	567	n/a	n/a	n/a
Capital expenditure	433	n/a	n/a	n/a
Free cash flow	134	n/a	n/a	n/a
Free cash flow margin	6.1%	n/a	n/a
Depreciation and amortisation	155	n/a	n/a	n/a
Share-based compensation	31.1	n/a	n/a	n/a
Buybacks	99.9	n/a	n/a	n/a
Diluted shares, weighted	451m	n/a	n/a	n/a
Shares outstanding at period end	431m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Total assets	13,281	n/a	n/a	n/a
Cash and equivalents	2,679	n/a	n/a	n/a
Receivables	958	n/a	n/a	n/a
Inventory	2,085	n/a	n/a	n/a
Goodwill	1,578	n/a	n/a	n/a
Long-term debt	3,500	n/a	n/a	n/a
Borrowings, as the company tags them	3,500	n/a	n/a	n/a
Operating lease liabilities	227	n/a	n/a	n/a
Finance lease liabilities	21.6	n/a	n/a	n/a
Shareholders' equity	7,484	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	2,181	2,018	1,863	1,735	1,762	1,722	1,446	1,469	1,551	1,530	1,513	1,604
Cost of revenue	1,150	1,076	1,009	951	962	943	1,152	917	964	979	930	987
Gross profit	1,031	942	854	784	799	779	294	552	587	551	583	616
Gross margin	47%	47%	46%	45%	45%	45%	20%	38%	38%	36%	39%	38%
R&D	143	150	150	156	151	155	164	144	142	134	144	141
Operating income	687	612	525	388	445	409	-574	193	264	200	-53.4	259
Operating margin	32%	30%	28%	22%	25%	24%	-40%	13%	17%	13%	-4%	16%
Interest expense	16.2	15.8	15.6	15.7	15.7	15.3	18.0	17.9	17.7	17.3	12.7	13.7
Net income	583	563	453	338	402	380	-486	170	255	182	-33.4	227
Net margin	27%	28%	24%	19%	23%	22%	-34%	12%	16%	12%	-2%	14%
Diluted EPS	$1.29	$1.28	$1.04	$0.78	$0.93	$0.88	-$1.15	$0.41	$0.63	$0.40	-$0.08	$0.56
Operating cash flow	567	611	499	362	466	580	602	184	419	554	239	460
Capital expenditure	433	390	222	154	172	145	148	78.2	46.3	69.1	21.9	34.3
Free cash flow	134	221	276	208	294	435	455	106	372	485	217	425
Buybacks	99.9	300	100	150	200	204	300	302	325	450	346	345
Shares outstanding	431m	426m	430m	428m	426m	423m	418m	411m	405m	397m	392m	389m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 29 September 2023, filed 30 October 2023, accession 0001628280-23-035450: the filing on EDGAR. All of ON Semiconductor Corp.'s filings: EDGAR company page.

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