Revenue recovered to $1.7B in 2026Q3 with an 11.1% year-over-year gain and gross margin rebounding to 41.4%, though this still sits below the roughly 45% levels recorded throughout 2024.
ON Semiconductor Corporation (ON) annual income statement — 26-year revenue, gross profit & net income history
| 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 | 6.37B | 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 % | 2.93% | -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 | 3.92B | 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 | 2.45B | 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 % | 38.41% | 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 | 1.61B | 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 | 639.7M | 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 | 563.9M | 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 | 836.5M | 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 % | 13.13% | 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 | 1.34B | 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 % | 21.01% | 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 % | 43.83% | -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) | 501.7M | 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 | 875M | 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 | 15.4M | 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 | 73M | 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 | 57.6M | 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 | 6.2M | -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 | 842.7M | 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 % | 13.23% | 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 | 151.9M | 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 % | 18.03% | 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 | 689.1M | 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 % | 10.82% | 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 % | 115.95% | -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) | 690.8M | 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 | 20.3M | 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) | 1.73 | 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 % | 123.38% | -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 | 397.3M | 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 | 389.3M | 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% | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Fab utilization and cyclical demand exposure
Metrics are mathematically derived from official filings.
Revenue Rebounding From Cyclical Trough
According to reported quarterly figures, ON's revenue climbed from roughly $1.4B in 2025Q1 to $1.7B in 2026Q3, with the 11.1% year-over-year gain suggesting the contraction has likely bottomed out.
The sequential climb through 2026 points to a demand recovery, but the year-over-year comparison flatters the trend because the 2025 base was depressed by a sharp downturn. Investors should monitor whether growth broadens beyond the rebound quarters, since part of the improvement may reflect inventory restocking rather than durable end-market strength.
Gross Margin Recovering but Below Peak
As reported in financial statements, ON's gross margin rose from 20.3% in 2025Q1 to 41.4% in 2026Q3, yet it remains below the roughly 45% levels recorded across 2024 quarters, implying incomplete normalization.
The recovery is consistent with improving fab utilization and a more favorable product mix, which supports the view that the 2025 trough was primarily volume-driven. The persistent gap to 2024 levels suggests that fixed-cost absorption and pricing have not fully normalized, leaving margins sensitive to any renewed utilization shortfall.
Operating Leverage Turning Sharply Positive
Based on ON's reported figures, operating margin moved from -3.5% in 2026Q1 to 22.0% in 2026Q3, indicating that incremental gross profit is flowing through to operating income at a high rate.
This swing implies strong operating leverage as revenue and gross profit scale against a largely fixed SG&A and R&D base of roughly $300M per quarter. The same leverage works in reverse, so earnings remain highly exposed to revenue softness, as the 2025Q1 operating margin of -39.7% illustrated.
EPS Recovery Amid Volatile Quarters
Based on reported results, diluted EPS moved from a -$0.08 loss in 2026Q1 to $0.56 in 2026Q2 and $0.79 in 2026Q3, a steep recovery whose quarterly volatility warrants closer scrutiny.
Net margin improvement from -2.2% to 18.2% over three quarters is substantial, but the gap between operating and net income in certain periods suggests non-operating or tax items may contribute meaningfully. Stock-based compensation of roughly $37M per quarter has been stable, so it does not appear to be the source of the earnings volatility.
Recovery Durability Remains Unproven
Based on the reported quarterly data, the 2026 earnings rebound rests on a few quarters of improving margins, while net margin of 18.2% in 2026Q3 still sits well below the roughly 23% achieved in 2024Q3.
Bears would argue that the rebound reflects a cyclical volume bounce and possible inventory restocking rather than structural margin repair, which could reverse if automotive or industrial demand softens. The gap between 2026 margins and 2024 peak levels suggests that pricing power and fab absorption have not fully recovered, so the current earnings base may prove more fragile than headline growth implies.