ON Semiconductor drew 13 news stories in the 24 hours to 3 November, against a usual 0.7 a day. The filings show profit is outgrowing sales: net income rose 116.0% against revenue growth of 2.9%, with the operating margin widening 7.6 percentage points over the same period.
Source: SEC EDGAR XBRL company facts. Latest period shown: FY26 Q3.
View chart data
| Period | Revenue growth, TTM YoY | Operating margin (TTM) | FCF margin (TTM) |
|---|---|---|---|
| FY24 Q4 | -14.2% | 25.0% | 17.1% |
| FY25 Q1 | -18.3% | 10.0% | 21.0% |
| FY25 Q2 | -17.9% | 7.4% | 20.1% |
| FY25 Q3 | -16.1% | 4.7% | 21.9% |
| FY25 Q4 | -15.3% | 1.4% | 23.7% |
| FY26 Q1 | -9.0% | 10.0% | 19.5% |
| FY26 Q2 | -3.1% | 10.8% | 24.2% |
| FY26 Q3 | 2.9% | 12.3% | 25.4% |
Profit is outgrowing sales
Net income over the twelve months to Q3 2026 was $689.1 million, up 116.0% on the year before, while revenue over the same period was $6.4 billion, up 2.9%. The trailing operating margin was 12.3%, up 7.6 percentage points from a year earlier, meaning more of each dollar of revenue is reaching the bottom line. Reports on the same day describe the earnings as a beat and frame AI revenue as the driver.
Growth has picked up: revenue over twelve months rose 2.9%, which is 6.1 percentage points more than the rate a quarter earlier.
The free-cash-flow margin of 25.4% is above every past reading in the company's own record, which ran from 0.7% to 24.2%. Operating cash flow over the twelve months was $1.8 billion, down 0.9% on the year before, while capital spending was $153.1 million, or 2.4% of revenue, producing free cash flow of $1.6 billion, up 19.3%. Each dollar of sales is turning into more cash than a year ago.
One tension sits inside those numbers: net income rose 116.0% over the year while free cash flow rose 19.3%. The trailing gross margin was 38.7% and the trailing net margin was 10.8%, but the filings presented here do not break out which items below operating profit moved to explain the gap between the two growth rates.
The free-cash-flow margin of 25.4% is above every past reading in the company's own record, which ran from 0.7% to 24.2%
Today's free-cash-flow margin of 25.4% sits above every one of the company's own past quarterly readings, which have ranged from 0.7% to 24.2%. Today's operating margin of 12.3% is higher than 65% of past readings, which have ranged from −0.9% to 31.6%. The twelve-month revenue growth rate of 2.9% is higher than 44% of past readings, which have ranged from −18.3% to 55.7%.
What ON Semiconductor's share price implies against our model
In our model, growth 5 percentage points lower would lower the value by 25.3%, and growth 5 percentage points higher would raise it by 33.2%. A free-cash-flow margin 1 percentage point lower would lower it by 3.9%.
What the filings cannot tell you at ON Semiconductor
Our figures run to Q3 2026, from the company's own filings; they cannot confirm, explain or rule out anything in the reports. The net-income growth and operating-margin figures above bear directly on the topic of the coverage, which centres on earnings results and AI-related revenue.