ON Semiconductor (ON) Q4 FY2025 earnings: revenue $1.5 billion, down 11.2% on the year

ON Semiconductor Corp. (ON) reported revenue of $1.5 billion for Q4 FY2025, the quarter ended 31 December 2025, down 11.2% on the same quarter a year earlier. Net income was $182 million, down 52.1% on the year, and diluted earnings per share $0.45. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2026.

Revenue

$1.5 billion

-11.2% on the year · -1.3% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

13.1%

23.7% a year earlier

Q1 FY2024Q4 FY2025

Net income

$182 million

-52.1% on the year · -28.7% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$0.45

-48.9% on the year · -28.6% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 12 new, 1 kept.

Fourth quarter revenue fell year over year: Fourth quarter revenue was $1,530.1 million, down 1% from the third quarter and down 11% from the fourth quarter of 2024.
GAAP and non-GAAP operating margins diverged: Full-year GAAP operating margin was 1.4% against 18.6% non-GAAP; special items for the year totaled 17.2 percentage points of revenue.
Restructuring charges recorded across 2025: Restructuring, asset impairments and other charges, net were $58.8 million in the fourth quarter and $666.9 million for 2025, against $133.9 million in 2024.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	1,530	1,551	1,722	-1.3%	-11.2%
Cost of revenue	979	964	943	+1.6%	+3.8%
Gross profit	551	587	779	-6.2%	-29.3%
Gross margin	36.0%	37.9%	45.2%
Research and development	134	142	155	-5.7%	-13.8%
Operating income	200	264	409	-24.3%	-51.0%
Operating margin	13.1%	17.0%	23.7%
Interest expense	17.3	17.7	15.3	-2.3%	+13.1%
Income tax	35.3	17.7	62.7	+99.4%	-43.7%
Net income	182	255	380	-28.7%	-52.1%
Net margin	11.9%	16.4%	22.1%
Diluted EPS	$0.45	$0.63	$0.88	-28.6%	-48.9%

$ million except per share.

Fourth quarters are the year less the first three quarters. 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

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	554	419	580	+32.4%	-4.3%
Capital expenditure	69.1	46.3	145	+49.2%	-52.3%
Free cash flow	485	372	435	+30.3%	+11.6%
Free cash flow margin	31.7%	24.0%	25.2%
Cash from investing	-50.7	-151	-152
Cash from financing	-824	-322	-203
Depreciation and amortisation	215	146	167	+46.7%	+29.0%
Share-based compensation	37.8	38.2	38.1	-1.0%	-0.8%
Buybacks	450	325	204	+38.5%	+120.6%
Diluted shares, weighted	412m	408m	433m	+0.9%	-4.8%
Shares outstanding at period end	397m	405m	423m	-2.1%	-6.2%

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

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	7,673	7,905	8,796	-2.9%	-12.8%
Non-controlling interest	18.6	20.7	18.1	-10.1%	+2.8%
Debt	2,980	3,380	3,346	-11.8%	-10.9%
Operating lease liabilities	214	220	245	-2.7%	-12.3%
Finance lease liabilities	23.8	23.8	20.7	0.0%	+15.0%
Other liabilities	1,613	1,460	1,664	+10.5%	-3.0%
Total liabilities and equity	12,524	13,010	14,090	-3.7%	-11.1%
Fixed assets	3,369	3,551	4,361	-5.1%	-22.8%
Goodwill	1,680	1,642	1,588	+2.3%	+5.8%
Intangible assets	344	290	258	+18.8%	+33.3%
Investments	400	400	300	0.0%	+33.3%
Cash and equivalents	2,148	2,472	2,691	-13.1%	-20.2%
Receivables	908	943	1,160	-3.8%	-21.7%
Inventory	1,990	2,048	2,242	-2.8%	-11.3%
Other assets	1,686	1,665	1,489	+1.3%	+13.2%
Total assets	12,524	13,010	14,090	-3.7%	-11.1%

Questions

What was ON Semiconductor's revenue in Q4 FY2025?

ON Semiconductor (ON) reported revenue of $1.5 billion for Q4 FY2025, the quarter ended 31 December 2025, down 11.2% on the same quarter a year earlier.

How much did ON Semiconductor earn in Q4 FY2025?

Net income for Q4 FY2025 was $182 million, down 52.1% on the year, and diluted earnings per share $0.45.

When did ON Semiconductor report Q4 FY2025 results?

ON Semiconductor filed its 10-K for the year that ended with the quarter on 9 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,846	1,945	2,085	2,193	2,104	1,960	2,094	2,181	2,018	1,863	1,735	1,762	1,722	1,446	1,469	1,551	1,530	1,513	1,604	1,722
Cost of revenue	1,014	984	1,048	1,134	1,083	1,042	1,101	1,150	1,076	1,009	951	962	943	1,152	917	964	979	930	987	1,009
Gross profit	832	961	1,037	1,058	1,020	918	993	1,031	942	854	784	799	779	294	552	587	551	583	616	713
Gross margin	45%	49%	50%	48%	49%	47%	47%	47%	47%	46%	45%	45%	45%	20%	38%	38%	36%	39%	38%	41%
R&D	161	157	162	145	136	138	145	143	150	150	156	151	155	164	144	142	134	144	141	145
Operating income	480	647	584	424	704	565	675	687	612	525	388	445	409	-574	193	264	200	-53.4	259	378
Operating margin	26%	33%	28%	19%	33%	29%	32%	32%	30%	28%	22%	25%	24%	-40%	13%	17%	13%	-4%	16%	22%
Interest expense	32.0	21.6	22.1	23.7	27.5	26.4	16.4	16.2	15.8	15.6	15.7	15.7	15.3	18.0	17.9	17.7	17.3	12.7	13.7	13.9
Pre-tax income	466	628	564	407	763	546	682	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Tax rate	9%	15%	19%	23%	21%	15%	15%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Net income	426	530	456	312	604	462	577	583	563	453	338	402	380	-486	170	255	182	-33.4	227	314
Net margin	23%	27%	22%	14%	29%	24%	28%	27%	28%	24%	19%	23%	22%	-34%	12%	16%	12%	-2%	14%	18%
Diluted EPS	$0.95	$1.18	$1.02	$0.70	$1.35	$1.03	$1.29	$1.29	$1.28	$1.04	$0.78	$0.93	$0.88	-$1.15	$0.41	$0.63	$0.45	-$0.08	$0.56	$0.79
Operating cash flow	627	479	421	1,002	731	409	391	567	611	499	362	466	580	602	184	419	554	239	460	516
Capital expenditure	170	174	218	271	342	322	431	433	390	234	154	172	145	148	78.2	46.3	69.1	21.9	34.3	27.8
Free cash flow	457	305	203	731	389	87.4	-39.8	134	221	265	208	294	435	455	106	372	485	217	425	489
Buybacks	0.0	0.0	89.7	77.2	92.9	104	60.1	99.9	300	100	150	200	204	300	302	325	450	346	345	19.9
Shares outstanding	432m	434m	433m	432m	432m	432m	432m	431m	426m	430m	428m	426m	423m	418m	411m	405m	397m	392m	389m	389m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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.

10-K for the period ended 31 December 2025, filed 9 February 2026: the filing.