OnSemi records Q2 revenue of $1.6 billion…9% increase year-over-year
Published2026.08.05 09:47
OnSemi delivered strong Q2 2026 results driven by increased AI data center demand. With improved revenue and profitability metrics, free cash flow expanded nearly 4-fold compared to the prior year period, demonstrating clear improvements in profit structure.
OnSemi announced its Q2 2026 results on the 5th.
Revenue reached $1.604 billion, representing a 9% increase year-over-year. Gross margin under both GAAP and non-GAAP bases was 38.4% and 39.3%, respectively.
GAAP and non-GAAP diluted earnings per share (EPS) were $0.56 and $0.74, respectively, while operating cash flow increased 150%.
Free cash flow expanded approximately 4-fold year-over-year to $425.4 million.
The company also conducted share repurchases worth $332 million, bringing the cumulative annual shareholder returns to approximately 105% of free cash flow.
Hassan El-Khoury, OnSemi Chairman and Chief Executive Officer, stated, "Revenue, gross margin, and earnings per share all exceeded the midpoint of our guidance. AI data centers represent our fastest-growing business segment, and we anticipate 2026 revenue will more than double."
Thad Trent, Senior Vice President and Chief Financial Officer of OnSemi, remarked, "The expansion of free cash flow margin from approximately 7% in the prior year period to 27% reflects the robustness of our operating model."
Results were achieved across all business segments in Q2.
OnSemi announced plans to acquire Synaptics to strengthen its connected compute capabilities.
The company is also expanding its role within the NVIDIA MGX ecosystem to address increased AI infrastructure power demand.
Through collaboration with Chinese cloud infrastructure power supplier Great Wall, OnSemi increased volumes of EliteSiC, silicon MOSFETs, and controllers supplied.
Power semiconductor portfolio expansion was also achieved.
The company launched GaNEXUS, a gallium nitride (GaN) power semiconductor portfolio spanning 40V to 650V, to target the AI data center, robotics, and industrial infrastructure markets.
In the automotive sector, OnSemi supplies power distribution and conversion solutions for the Rivian R2 platform, strengthening its position in zoned architecture and on-board charger (OBC) applications.
OnSemi expects demand recovery momentum to continue into Q3, with a focus on profitability growth and shareholder value creation.
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