Company file · ON
ON Semiconductor
ON Semiconductor's revenue fell 15.3% in FY2025, to $6.0B, and net income fell 92.3% to $121M
Revenue fell 15.3% to $6.0B in FY2025, from $7.1B in FY2024. Net income fell 92.3% to $121M. Power Solutions Group was the largest segment, at 47% of revenue.
Key facts
In fiscal 2025, which ended Dec 31, 2025, ON Semiconductor (Nasdaq: ON) took in $6.0B of revenue (down 15.3% on fiscal 2024); net income was $121M (down 92.3%). The most recent quarter, ended Oct 2, 2026, brought revenue of $1.7B, up 11.1% year over year, with net income of $314M. Power Solutions Group was the biggest single line by segment: 47% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 9, 2026) and 10-Q for the quarter ended Oct 2, 2026 (filed Nov 2, 2026).
Source: 10-K FY2025, filed Feb 9, 2026
Source: 10-Q filed May 4, 2026 · 10-Q filed Aug 3, 2026 · 10-Q filed Nov 2, 2026
How it makes money
By segment, FY2025
- LineAmountSharevs FY2024
- Power Solutions Group$2.8B47%−16.2%
- Analog Mixed Signal Group$2.3B38%−13.3%
- Intelligent Sensing Group$928M15%−17.5%
Source: 10-K FY2025, XBRL breakdown
By segment in FY2025: Power Solutions Group (47%), Analog Mixed Signal Group (38%) and Intelligent Sensing Group (15%), as shares of total revenue. Total revenue was $6.0B.
Source: 10-K FY2025
By subsegments, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 FY2026 (Jul to Sep 2026) compared with Q3 FY2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 FY2026Q3 FY2025
Company
Source: ON Semiconductor 10-Q for the quarter ended Oct 2, 2026, filed Nov 2, 2026
By segment
Source: ON Semiconductor 10-Q for the quarter ended Oct 2, 2026, filed Nov 2, 2026
The bull case and the bear case
The bull case
- Diluted shares fell 4.8% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
- Total debt fell 10.9% in FY2025 to $3.0B. 10-K, FY2025
- Revenue in the quarter ended Oct 2, 2026 was $1.7B, up 11.1% on a year earlier. 10-Q, quarter ended Oct 2, 2026
- Net income in the quarter ended Oct 2, 2026 was $314M, up 23.1% on a year earlier. 10-Q, quarter ended Oct 2, 2026
The bear case
- Revenue fell 15.3% in FY2025 to $6.0B, from $7.1B a year earlier. 10-K, FY2025
- Net income fell 92.3% in FY2025 to $121M, from $1.6B. 10-K, FY2025
- Operating cash flow fell 7.7% in FY2025 to $1.8B. 10-K, FY2025
- Intelligent Sensing Group revenue fell 17.5% in FY2025 to $928M. 10-K, FY2025
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
ON Semiconductor is in the semiconductors industry, part of the information technology sector. The SEC files it under Semiconductors & Related Devices.
ON Semiconductor reports 3 segments: Power Solutions Group, Analog Mixed Signal Group and Intelligent Sensing Group.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the semiconductors industry. They are not a summary of ON Semiconductor’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Chip cyclesDemand for chips swings between shortages and gluts, and orders can be cut quickly.
- Customer concentrationA few large customers can account for much of sales.
- Export rules and tradeExport controls and tariffs can limit sales to some customers or countries.
- Manufacturing supplyIt depends on outside factories and suppliers, and disruptions can delay products.
- Competition and design winsCustomers pick suppliers product by product, so losing a design can cost years of sales.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $8.3B | $7.1B | $6.0B |
| Net income | $2.2B | $1.6B | $121M |
| Operating cash flow | $2.0B | $1.9B | $1.8B |
| Cash & equivalents (year end) | $2.5B | $2.7B | $2.1B |
| Total debt (year end) | $3.3B | $3.3B | $3.0B |
| Diluted shares | 447M | 433M | 412M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: The current part of long-term debt plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Net debt and net cash
- Debt-to-equity ratio
- Risk factors (Item 1A)
- The cash flow statement
- Equity-method investments
- Cybersecurity disclosures (Item 1C)
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Nov 2, 2026 | Oct 2, 2026 |
| 10-Q | Aug 3, 2026 | Jul 3, 2026 |
| 10-Q | May 4, 2026 | Apr 3, 2026 |
| DEF 14A | Apr 2, 2026 | May 14, 2026 |
| 10-K | Feb 9, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about ON Semiconductor
How does ON Semiconductor make money?
In fiscal 2025, revenue totaled $6.0B. By segment in FY2025: Power Solutions Group (47%), Analog Mixed Signal Group (38%) and Intelligent Sensing Group (15%), as shares of total revenue. Total revenue was $6.0B. Source: 10-K for fiscal 2025, filed Feb 9, 2026.
What was ON Semiconductor's revenue in fiscal 2025?
Revenue came to $6.0B in the year ended Dec 31, 2025. Going back two years, it was $8.3B in fiscal 2023 and $7.1B in fiscal 2024, so the latest year was down 15.3%. Source: 10-K for fiscal 2025, filed Feb 9, 2026.
Is ON Semiconductor profitable?
Yes, by US accounting rules (GAAP): net income was $121M in fiscal 2025, down 92.3% from $1.6B a year earlier. For the quarter ended Oct 2, 2026, net income was $314M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 9, 2026.
What did ON Semiconductor report in its latest quarterly filing?
The 10-Q for the quarter ended Oct 2, 2026 shows revenue of $1.7B, against $1.6B in the same quarter a year before (up 11.1%), and net income of $314M, against $255M (up 23.1%). Source: 10-Q for the quarter ended Oct 2, 2026, filed Nov 2, 2026.
How much cash and debt does ON Semiconductor have?
On Oct 2, 2026, cash and cash equivalents stood at $4.2B and total debt at $4.5B. Total debt here is the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Nov 2, 2026.
What are the main risks ON Semiconductor faces?
ON Semiconductor's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 9, 2026. Risks that are common among companies in the semiconductors industry include Chip cycles; customer concentration; export rules and trade; manufacturing supply; competition and design wins. The first: Demand for chips swings between shortages and gluts, and orders can be cut quickly. Source: 10-K, Item 1A Risk Factors.
Where do these ON Semiconductor numbers come from?
Two filings ON Semiconductor made with the SEC: its fiscal 2025 10-K, filed Feb 9, 2026, and its 10-Q for the quarter ended Oct 2, 2026, filed Nov 2, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning ON Semiconductor
- Two Sigma Investments: 4,068,560 shares, reported value $384.6M at Jun 30, 2026 (−8.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Baillie Gifford: 3,290,837 shares, reported value $253.0M at Sep 30, 2026 (−3.9% in shares since the filing for Jun 30, 2026). Form 13F filed Nov 9, 2026.
- Citadel Advisors: 1,936,182 shares, reported value $183.0M at Jun 30, 2026 (+1,671.4% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Point72 Asset Management: 1,606,182 shares, reported value $151.8M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Slate Path Capital: 1,269,323 shares, reported value $120.0M at Jun 30, 2026 (−83.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Renaissance Technologies: 248,196 shares, reported value $23.5M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 13, 2026.
- Soros Fund Management: 228,022 shares, reported value $21.6M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Millennium Management: 156,878 shares, reported value $14.8M at Jun 30, 2026 (−35.2% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Bridgewater Associates: 58,377 shares, reported value $5.5M at Jun 30, 2026 (+191.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Maverick Capital: 7,979 shares, reported value $0.8M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in ON
- The editor holds no position in ON Semiconductor (ON). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell ON from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 9, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold ON, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| ON SemiconductorON | FY2025 | $6.0B | −15.3% | $121M |
| NvidiaNVDA | FY2026 | $215.9B | +65.5% | $120.1B |
| BroadcomAVGO | FY2025 | $63.9B | +23.9% | $23.1B |
| MicronMU | FY2026 | $133.2B | +256.3% | $85.0B |
| AMD | FY2025 | $34.6B | +34.3% | $4.3B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
More company files
- INTC Intel
- AMAT Applied Materials
- LRCX Lam Research
- TXN Texas Instruments
- QCOM Qualcomm
- SNDK Sandisk
- MRVL Marvell Technology
- ADI Analog Devices
- KLAC KLA
- NXPI NXP Semiconductors
- MPWR Monolithic Power Systems
- TER Teradyne
- MCHP Microchip Technology
- Q Qnity Electronics
- SWKS Skyworks Solutions
- FSLR First Solar
- AAPL Apple
- MSFT Microsoft
- AMZN Amazon
- GOOGL Alphabet
- META
- BRK.B Berkshire Hathaway
- JPM JPMorgan Chase
- LLY Eli Lilly
- WMT Walmart
- V Visa
- XOM ExxonMobil
- JNJ Johnson & Johnson
- MA Mastercard
- ABBV AbbVie
New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.