Revenue growth remains in negative territory with a 15.35% year-over-year contraction, while operating margins have deteriorated to -3.5% as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Sales/Revenue | 6.06B | 6B | 7.08B | 8.25B | 8.33B | 6.74B | 5.25B | 5.52B | 5.88B | 5.54B | 3.91B | 3.5B | 3.16B | 2.78B | 2.89B | 3.44B | 2.31B | 1.77B | 2.05B | 1.57B | 1.53B | 1.26B | 1.27B | 1.07B | 1.09B | 1.22B | 2.07B |
| Revenue Growth % | -9.04% | -15.35% | -14.19% | -0.88% | 23.54% | 28.26% | -4.76% | -6.13% | 6.05% | 41.88% | 11.76% | 10.56% | 13.62% | -3.88% | -15.9% | 48.8% | 30.78% | -13.91% | 31.2% | 2.25% | 21.51% | -0.5% | 18.5% | -2.25% | -10.59% | -41.02% | - |
| Cost of Goods Sold | 3.81B | 4.06B | 3.87B | 4.37B | 4.25B | 4.03B | 3.54B | 3.54B | 3.64B | 3.51B | 2.61B | 2.3B | 2.08B | 1.85B | 1.95B | 2.43B | 1.36B | 1.15B | 1.31B | 975.7M | 942.8M | 842.1M | 857M | 768.1M | 795.6M | 997.7M | 1.35B |
| COGS % of Revenue | - | 67.71% | 54.59% | 52.94% | 51.03% | 59.73% | 67.35% | 64.23% | 61.92% | 63.28% | 66.71% | 65.87% | 65.69% | 66.61% | 67.31% | 70.69% | 58.68% | 64.91% | 63.72% | 62.3% | 61.55% | 66.8% | 67.65% | 71.85% | 72.74% | 81.56% | 65.34% |
| Gross Profit | 2.26B | 1.94B | 3.22B | 3.88B | 4.08B | 2.71B | 1.72B | 1.97B | 2.24B | 2.04B | 1.3B | 1.19B | 1.08B | 929.1M | 946.3M | 1.01B | 956M | 620.7M | 781.8M | 590.5M | 589M | 418.5M | 409.9M | 301M | 298.1M | 225.5M | 718.9M |
| Gross Margin % | 37.22% | 32.29% | 45.41% | 47.06% | 48.97% | 40.27% | 32.65% | 35.77% | 38.08% | 36.72% | 33.29% | 34.13% | 34.31% | 33.39% | 32.69% | 29.31% | 41.32% | 35.09% | 38.05% | 37.7% | 38.45% | 33.2% | 32.35% | 28.15% | 27.26% | 18.44% | 34.66% |
| Gross Profit Growth % | - | -39.8% | -17.19% | -4.75% | 50.21% | 58.19% | -13.06% | -11.84% | 9.98% | 56.52% | 8.99% | 9.98% | 16.77% | -1.82% | -6.2% | 5.52% | 54.02% | -20.61% | 32.4% | 0.25% | 40.74% | 2.1% | 36.18% | 0.97% | 32.2% | -68.63% | - |
| Operating Expenses | 1.6B | 1.19B | 1.45B | 1.34B | 1.72B | 1.43B | 1.37B | 1.34B | 1.38B | 1.32B | 1.02B | 919M | 815.9M | 687M | 753.4M | 792.7M | 555.2M | 453.2M | 513.6M | 310.3M | 278.9M | 247.6M | 240.4M | 219.3M | 243.4M | 307.4M | 419.5M |
| OpEx % of Revenue | - | 19.82% | 20.45% | 16.29% | 20.62% | 21.17% | 26.02% | 24.3% | 23.48% | 23.82% | 26.06% | 26.29% | 25.8% | 24.69% | 26.03% | 23.03% | 24% | 25.62% | 25% | 19.81% | 18.21% | 19.64% | 18.98% | 20.51% | 22.25% | 25.13% | 20.23% |
| Selling, General & Admin | 604.5M | 604.8M | 649.8M | 641.5M | 631.1M | 598.4M | 537.4M | 585M | 618M | 601.6M | 466.7M | 386.6M | 380.9M | 319.7M | 341.5M | 387.5M | 275.5M | 225.4M | 256.8M | 177.3M | 177.7M | 153.9M | 146M | 127.9M | 150M | 190.3M | 333.5M |
| SG&A % of Revenue | - | 10.09% | 9.18% | 7.77% | 7.58% | 8.88% | 10.23% | 10.6% | 10.51% | 10.85% | 11.95% | 11.06% | 12.05% | 11.49% | 11.8% | 11.26% | 11.91% | 12.74% | 12.5% | 11.32% | 11.6% | 12.21% | 11.52% | 11.96% | 13.71% | 15.56% | 16.08% |
| Research & Development | 563.8M | 583.6M | 612.7M | 577.3M | 600.2M | 655M | 642.9M | 640.9M | 650.7M | 594.7M | 446.8M | 396.7M | 366.6M | 334.2M | 367.5M | 362.5M | 248M | 198.8M | 233.9M | 133M | 101.2M | 93.7M | 94.4M | 85.5M | 81.5M | 94.5M | 69.2M |
| R&D % of Revenue | - | 9.73% | 8.65% | 7% | 7.21% | 9.72% | 12.23% | 11.61% | 11.07% | 10.73% | 11.44% | 11.35% | 11.59% | 12.01% | 12.69% | 10.53% | 10.72% | 11.24% | 11.38% | 8.49% | 6.61% | 7.43% | 7.45% | 8% | 7.45% | 7.73% | 3.34% |
| Other Operating Expenses | 3M | 0 | 185.9M | 126M | 485.9M | 173.3M | 186.8M | 115.2M | 111.7M | 123.8M | 104.8M | 135.7M | 68.4M | 33.1M | 44.4M | 42.7M | 31.7M | 29M | 22.9M | 0 | 0 | 0 | 0 | 5.9M | 11.9M | 22.6M | 16.8M |
| Operating Income | 657.4M | 747.6M | 1.77B | 2.54B | 2.36B | 1.29B | 348.7M | 632.5M | 858.3M | 715.5M | 282.2M | 274.2M | 269M | 242.1M | 192.9M | 216.1M | 400.8M | 167.5M | 231.9M | 280.2M | 310.1M | 170.9M | 169.5M | 81.7M | 54.7M | -81.9M | 299.4M |
| Operating Margin % | 10.84% | 12.47% | 24.96% | 30.76% | 28.34% | 19.1% | 6.64% | 11.46% | 14.6% | 12.91% | 7.22% | 7.84% | 8.51% | 8.7% | 6.66% | 6.28% | 17.33% | 9.47% | 11.29% | 17.89% | 20.24% | 13.56% | 13.38% | 7.64% | 5% | -6.7% | 14.44% |
| Operating Income Growth % | - | -57.71% | -30.37% | 7.57% | 83.29% | 269.26% | -44.87% | -26.31% | 19.96% | 153.54% | 2.92% | 1.93% | 11.11% | 25.51% | -10.74% | -46.08% | 139.28% | -27.77% | -17.24% | -9.64% | 81.45% | 0.83% | 107.47% | 49.36% | 166.79% | -127.35% | - |
| EBITDA | 1.19B | 1.43B | 2.41B | 3.15B | 2.91B | 1.88B | 973.8M | 1.23B | 1.37B | 1.2B | 646.3M | 631.8M | 537.8M | 453.9M | 436.5M | 445.5M | 567.7M | 323.1M | 374M | 373M | 394.3M | 271.6M | 278.9M | 218.2M | 210.8M | 101.2M | 464.4M |
| EBITDA Margin % | 19.56% | 23.91% | 34.04% | 38.15% | 34.97% | 27.96% | 18.53% | 22.21% | 23.25% | 21.6% | 16.54% | 18.07% | 17.01% | 16.31% | 15.08% | 12.94% | 24.54% | 18.27% | 18.2% | 23.82% | 25.74% | 21.55% | 22.01% | 20.41% | 19.27% | 8.27% | 22.39% |
| EBITDA Growth % | -10.51% | -40.53% | -23.43% | 8.12% | 54.53% | 93.5% | -20.54% | -10.34% | 14.16% | 85.27% | 2.3% | 17.48% | 18.48% | 3.99% | -2.02% | -21.53% | 75.7% | -13.61% | 0.27% | -5.4% | 45.18% | -2.62% | 27.82% | 3.51% | 108.3% | -78.21% | - |
| D&A (Non-Cash Add-back) | 528.3M | 686M | 642.9M | 609.5M | 551.8M | 596.7M | 625.1M | 593.1M | 508.7M | 481.9M | 364.1M | 357.6M | 268.8M | 211.8M | 243.6M | 229.4M | 166.9M | 155.6M | 142.1M | 92.8M | 84.2M | 100.7M | 109.4M | 136.5M | 156.1M | 183.1M | 165M |
| EBIT | 688M | 202.2M | 1.9B | 2.61B | 2.46B | 1.29B | 345M | 424.9M | 883.2M | 688.7M | 325.9M | 269.5M | 226M | 208.6M | -20.8M | 106.7M | 367.1M | 135.6M | -358.1M | 290.1M | 310.1M | 170.9M | 169.5M | 81.7M | 54.7M | -81.9M | 299.4M |
| Net Interest Income | 20.6M | 24.2M | 49.1M | 18.3M | -79.4M | -129M | -163.5M | -138.1M | -122.1M | -138.2M | -140.8M | -48.6M | -32.6M | -37.3M | -54.6M | -67.8M | -60.9M | -63.8M | -73M | -25.8M | 0 | 0 | 0 | 0 | 0 | 0 | -131.2M |
| Interest Income | 86.2M | 95.1M | 111.4M | 93.1M | 15.5M | 1.4M | 4.9M | 10.2M | 6.1M | 3M | 4.5M | 1.1M | 1.5M | 1.3M | 1.5M | 1.1M | 500K | 800K | 6.9M | 13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 65.6M | 70.9M | 62.3M | 74.8M | 94.9M | 130.4M | 168.4M | 148.3M | 128.2M | 141.2M | 145.3M | 49.7M | 34.1M | 38.6M | 56.1M | 68.9M | 61.4M | 64.6M | 79.9M | 38.8M | 0 | 0 | 0 | 0 | 0 | 0 | 131.2M |
| Other Income/Expense | -9.7M | -616.3M | 69.7M | -2.9M | 2.2M | -129.8M | -172.1M | -355.9M | -103.3M | -168M | -101.6M | -54.4M | -77.1M | -72.1M | -269.8M | -178.3M | -95.1M | -96.5M | -669.9M | -28.9M | -33.9M | -62.3M | -282.5M | -218M | -184.3M | -286.9M | -160.7M |
| Pretax Income | 647.7M | 131.3M | 1.84B | 2.54B | 2.36B | 1.16B | 176.6M | 276.6M | 755M | 547.5M | 180.6M | 219.8M | 191.9M | 170M | -76.9M | 37.8M | 305.7M | 71M | -438M | 251.3M | 276.2M | 108.6M | -113M | -136.3M | -129.6M | -368.8M | 138.7M |
| Pretax Margin % | 10.68% | 2.19% | 25.94% | 30.73% | 28.37% | 17.18% | 3.36% | 5.01% | 12.84% | 9.88% | 4.62% | 6.29% | 6.07% | 6.11% | -2.66% | 1.1% | 13.21% | 4.01% | -21.32% | 16.05% | 18.03% | 8.61% | -8.92% | -12.75% | -11.85% | -30.15% | 6.69% |
| Income Tax | 71.8M | 7.7M | 262.8M | 350.2M | 458.4M | 146.6M | -59.8M | 62.7M | 125.1M | -265.5M | -3.9M | 10.8M | -200K | 16.4M | 16M | 22.9M | 12.8M | 7.7M | -9.4M | 7.7M | 900K | 1.5M | 7.4M | 7.7M | 9.5M | 345.8M | 50.1M |
| Effective Tax Rate % | 11.09% | 5.86% | 14.3% | 13.81% | 19.41% | 12.66% | -33.86% | 22.67% | 16.57% | -48.49% | -2.16% | 4.91% | -0.1% | 9.65% | -20.81% | 60.58% | 4.19% | 10.85% | 2.15% | 3.06% | 0.33% | 1.38% | -6.55% | -5.65% | -7.33% | -93.76% | 36.12% |
| Net Income | 573.7M | 121M | 1.57B | 2.18B | 1.9B | 1.01B | 234.2M | 211.7M | 627.4M | 810.7M | 182.1M | 206.2M | 189.7M | 150.4M | -97.2M | 11.6M | 290.5M | 61M | -428.9M | 242.2M | 272.1M | 100.6M | -123.7M | -166.7M | -141.9M | -831.4M | 71.1M |
| Net Margin % | 9.46% | 2.02% | 22.21% | 26.46% | 22.85% | 14.98% | 4.46% | 3.84% | 10.67% | 14.63% | 4.66% | 5.9% | 6% | 5.4% | -3.36% | 0.34% | 12.56% | 3.45% | -20.87% | 15.46% | 17.76% | 7.98% | -9.76% | -15.59% | -12.97% | -67.97% | 3.43% |
| Net Income Growth % | -9.47% | -92.31% | -27.98% | 14.8% | 88.41% | 331.08% | 10.63% | -66.26% | -22.61% | 345.19% | -11.69% | 8.7% | 26.13% | 254.73% | -937.93% | -96.01% | 376.23% | 114.22% | -277.09% | -10.99% | 170.48% | 181.33% | 25.79% | -17.48% | 82.93% | -1269.34% | - |
| Net Income (Continuing) | 575.9M | 123.6M | 1.57B | 2.19B | 1.9B | 1.01B | 236.4M | 213.9M | 629.9M | 813M | 184.5M | 209M | 192.1M | 153.6M | -92.9M | 14.9M | 292.9M | 63.3M | -428.6M | 243.6M | 272.1M | 103.5M | -123.7M | -145.2M | -141.9M | -715M | 88.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.6M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 19.1M | 18.6M | 18.1M | 18M | 18.5M | 19M | 19.6M | 22.4M | 22.5M | 22.2M | 21.8M | 23.7M | 20.9M | 32.8M | 29.6M | 25.3M | 22M | 19.6M | 17.3M | 18.5M | 20.8M | 24.8M | 25.4M | 26.4M | 4.1M | 4.1M | 6.7M |
| EPS (Diluted) | 1.46 | 0.29 | 3.63 | 4.89 | 4.25 | 2.27 | 0.56 | 0.51 | 1.44 | 1.89 | 0.43 | 0.48 | 0.44 | 0.36 | -0.20 | 0.03 | 0.65 | 0.14 | -1.04 | 0.80 | 0.80 | 0.21 | -0.50 | -0.89 | -0.81 | -4.79 | 0.36 |
| EPS Growth % | -2.08% | -92.01% | -25.77% | 15.06% | 87.22% | 305.36% | 9.8% | -64.58% | -23.81% | 339.53% | -10.42% | 9.09% | 22.22% | 280% | -766.67% | -95.38% | 364.29% | 113.46% | -230% | 0% | 280.95% | 142% | 43.82% | -9.88% | 83.09% | -1430.56% | - |
| EPS (Basic) | - | 0.29 | 3.68 | 5.07 | 4.39 | 2.37 | 0.57 | 0.52 | 1.48 | 1.92 | 0.44 | 0.49 | 0.44 | 0.37 | -0.20 | 0.03 | 0.67 | 0.14 | -1.04 | 0.83 | 0.85 | 0.24 | -0.50 | -0.89 | -0.81 | -4.79 | 0.36 |
| Diluted Shares Outstanding | 394.1M | 411.8M | 432.7M | 446.8M | 448.2M | 443.8M | 418.8M | 416M | 435.9M | 428.3M | 420M | 427.8M | 443.5M | 450.7M | 452.6M | 457.2M | 444.4M | 438.1M | 379M | 301.2M | 342.1M | 296.8M | 247.8M | 187.4M | 175.6M | 173.4M | 163.42M |
| Basic Shares Outstanding | 394.1M | 411M | 427.4M | 430.7M | 433.2M | 425.7M | 410.7M | 410.9M | 423.8M | 421.9M | 415.2M | 421.2M | 439.5M | 447.9M | 452.6M | 446.7M | 431M | 420.8M | 379M | 290.8M | 319.8M | 263.3M | 247.8M | 187.4M | 175.6M | 173.4M | 156.1M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.69% | 0.51% | 4.17% | - | - | - | - | - |
Cyclical Automotive Demand Exposure
As indicated by the most recent quarterly data, ON's revenue growth has remained in negative territory for several consecutive periods, with the latest figures showing a 15.35% year-over-year contraction that highlights the ongoing cyclical headwinds impacting the company's core automotive and industrial semiconductor end-markets.
The consistent decline in top-line performance suggests that the company is struggling to find a floor in demand, likely exacerbated by inventory corrections across the automotive supply chain. Investors should monitor whether the recent 4.7% sequential uptick in 2026Q1 represents a genuine inflection point or merely a temporary fluctuation within a broader, more prolonged period of market weakness.
Based on reported financial statements, gross margins have experienced significant compression, falling from historical peaks near 46.7% in 2023Q4 to a recent trough of 20.3% in 2025Q1, reflecting the high fixed-cost burden inherent in the company's integrated manufacturing model during periods of low fab utilization.
The volatility in gross margins appears directly correlated with the company's transition to 200mm SiC manufacturing, which introduces substantial depreciation and start-up costs. This margin profile suggests that profitability is highly sensitive to volume throughput, leaving the company vulnerable to further earnings dilution if automotive demand does not recover to support higher utilization rates.
According to recent SEC filings, the company's operating income has swung into negative territory, with a 2026Q1 operating margin of -3.5%, demonstrating that the current revenue base is insufficient to cover the fixed operating expenses associated with the company's aggressive capital-intensive manufacturing strategy.
The inability to maintain positive operating leverage during this downturn indicates that the company's cost structure remains rigid despite management's efforts to divest sub-scale facilities. This negative operating leverage warrants further investigation into whether the current SG&A and R&D spending levels are sustainable if the revenue recovery remains sluggish.
While management emphasizes the long-term benefits of the 'Fab Right' strategy, the persistent decline in net margins to 2.02% suggests that the company may be facing structural challenges in maintaining pricing power against competitors who are also aggressively expanding their own Silicon Carbide capacity.
Short-term observers may argue that the current margin compression is not merely cyclical but indicative of a permanent shift toward a more competitive, commoditized pricing environment for power semiconductors. If the company fails to achieve the expected yield improvements on its 200mm wafer transition, the current capital expenditure levels may result in long-term return on invested capital dilution.
Quick answers to the most common questions about buying ON stock.
For fiscal year 2025, ON Semiconductor Corporation (ON) reported total revenue of $6.00B. This represents a 189.1% increase compared to $2.07B in 2000.
ON Semiconductor Corporation (ON) is profitable, generating $121.0M in net income for the fiscal year ending 2025 with a net profit margin of 2.0%.
ON Semiconductor Corporation (ON) reported an operating income of $747.6M, resulting in an operating profit margin of 12.5%. This margin reflects the operational efficiency of the business before interest and taxes.
ON Semiconductor Corporation (ON) generated $1.94B in gross profit for the year, representing a gross profit margin of 32.3%. This demonstrates the company's core pricing power and production efficiency.