ON Semiconductor (ON) Q1 FY2026 earnings: revenue $1.5 billion, up 4.7% on the year

ON Semiconductor Corp. (ON) reported revenue of $1.5 billion for Q1 FY2026, the quarter ended 3 April 2026, up 4.7% on the same quarter a year earlier. Net income was -$33 million, and diluted earnings per share $-0.08. The figures are the company's own, from the 10-Q it filed with the SEC on 4 May 2026.

Revenue

$1.5 billion

+4.7% on the year · -1.1% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

-3.5%

-39.7% a year earlier

Q2 FY2024Q1 FY2026

Net income

-$33 million

Q2 FY2024Q1 FY2026

Diluted EPS

-$0.08

Q2 FY2024Q1 FY2026

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

What management said

Guidance figures: 6 new, 1 kept.

Restructuring charges drove GAAP loss: Restructuring, asset impairments and other, net was $329.3 million, against $58.8 million in the fourth quarter and $539.3 million a year earlier, producing a GAAP operating loss of $53.4 million.
Non-GAAP operating income rose 10%: Non-GAAP operating income was $289.6 million, up from $264.0 million a year earlier and down from $302.9 million in the fourth quarter.
AI data center revenue more than doubled: AI data center revenue more than doubled year-over-year. Management attributed this to broader adoption across the power tree with multiple chip vendors and leading hyperscalers.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	1,513	1,530	1,446	-1.1%	+4.7%
Cost of revenue	930	979	1,152	-5.0%	-19.2%
Gross profit	583	551	294	+5.8%	+98.5%
Gross margin	38.5%	36.0%	20.3%
Research and development	144	134	164	+7.8%	-12.1%
Operating income	-53.4	200	-574
Operating margin	-3.5%	13.1%	-39.7%
Interest expense	12.7	17.3	18.0	-26.6%	-29.4%
Income tax	-11.7	35.3	-75.8
Net income	-33.4	182	-486
Net margin	-2.2%	11.9%	-33.6%
Diluted EPS	-$0.08	$0.45	-$1.15

$ 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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	239	554	602	-56.9%	-60.3%
Capital expenditure	21.9	69.1	148	-68.3%	-85.2%
Free cash flow	217	485	455	-55.3%	-52.2%
Free cash flow margin	14.4%	31.7%	31.5%
Cash from investing	-16.7	-50.7	-215
Cash from financing	-366	-824	-318
Depreciation and amortisation	287	215	168	+33.4%	+70.5%
Share-based compensation	37.3	37.8	33.9	-1.3%	+10.0%
Buybacks	346	450	300	-23.2%	+15.2%
Diluted shares, weighted	394m	412m	421m	-4.3%	-6.5%
Shares outstanding at period end	392m	397m	418m	-1.2%	-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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	7,302	7,673	8,030	-4.8%	-9.1%
Non-controlling interest	19.1	18.6	19.0	+2.7%	+0.5%
Debt	3,005	2,980	3,380	+0.8%	-11.1%
Operating lease liabilities	208	214	251	-3.0%	-17.1%
Finance lease liabilities	23.1	23.8	21.6	-2.9%	+6.9%
Other liabilities	1,454	1,613	1,552	-9.9%	-6.4%
Total liabilities and equity	12,011	12,524	13,254	-4.1%	-9.4%
Fixed assets	3,036	3,369	3,840	-9.9%	-21.0%
Goodwill	1,680	1,680	1,642	0.0%	+2.3%
Intangible assets	332	344	309	-3.4%	+7.4%
Investments	400	400	250	0.0%	+60.0%
Cash and equivalents	2,004	2,148	2,762	-6.7%	-27.5%
Receivables	863	908	825	-5.0%	+4.6%
Inventory	2,049	1,990	2,078	+3.0%	-1.4%
Other assets	1,648	1,686	1,547	-2.3%	+6.5%
Total assets	12,011	12,524	13,254	-4.1%	-9.4%

Questions

What was ON Semiconductor's revenue in Q1 FY2026?

ON Semiconductor (ON) reported revenue of $1.5 billion for Q1 FY2026, the quarter ended 3 April 2026, up 4.7% on the same quarter a year earlier.

How much did ON Semiconductor earn in Q1 FY2026?

Net loss for Q1 FY2026 was $33 million, and the diluted loss per share $0.08.

When did ON Semiconductor report Q1 FY2026 results?

ON Semiconductor filed its 10-Q for the quarter ended 3 April 2026 with the SEC on 4 May 2026.

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-Q for the period ended 3 April 2026, filed 4 May 2026: the filing.