ON Semiconductor Corporation reported a significant increase in financial performance for the second quarter and first half of 2026, as detailed in its latest 10-Q filing. For the quarter ended July 3, 2026, the company achieved revenues of $1,603.5 million, a 9% increase from $1,468.7 million in the same period last year. The gross profit also rose to $616.3 million, up from $551.9 million, reflecting a gross margin improvement from 37.6% to 38.4%. For the first half of 2026, revenues reached $3,116.8 million, compared to $2,914.4 million in the prior year, with gross profit increasing from $845.7 million to $1,199.4 million.
The company noted several strategic developments, including a definitive agreement to acquire Synaptics Incorporated, which is expected to close in mid-2027. This acquisition is anticipated to enhance ON Semiconductor's capabilities in intelligent power and sensing technologies. Additionally, the company has been actively restructuring its operations, which included a reduction of approximately 650 employees as part of its 2026 Manufacturing Realignment Program. This initiative aims to align manufacturing capacity with long-term needs and is expected to incur total severance costs of about $25 million.
Operationally, ON Semiconductor reported a diverse revenue stream across its segments, with the Power Solutions Group (PSG) generating $829.0 million, a 19% increase year-over-year. The Analog and Mixed-Signal Group (AMG) saw a slight decline in revenue to $545.7 million, while the Intelligent Sensing Group (ISG) reported a modest increase to $228.8 million. Geographically, the company experienced strong sales in Hong Kong, the United Kingdom, and Singapore, which collectively accounted for a significant portion of total revenue.
The filing also highlighted a notable increase in cash and cash equivalents, which rose to $3,514.5 million from $2,147.6 million at the end of 2025. This increase was attributed to strong operating cash flows, despite a decrease in cash flows from operating activities to $698.8 million from $786.6 million in the prior year, primarily due to unfavorable changes in working capital. Looking ahead, ON Semiconductor remains optimistic about its growth trajectory, driven by increased demand across its end markets and the anticipated benefits from the Synaptics acquisition.
About ON SEMICONDUCTOR CORP
onsemi is a semiconductor company providing intelligent power and sensing solutions primarily for automotive and industrial markets. Its core offerings include power management, image sensors, and advanced sensing technologies supporting electric vehicles, autonomous driving, industrial automation, and data centers. The company leverages innovation, manufacturing efficiency, and a global footprint to deliver high-performance, differentiated products for high-growth applications.
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View the complete official filing on the SEC website.
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