Onsemi与Advanced Energy财报显示AI数据中心电源链继续升温，但亚洲电源与功率半导体映射已在8月4日本地交易中消化

# 美股盘后催化 5/12: ON Semiconductor和Advanced Energy均指向AI数据中心电源链加速，功率半导体与800VDC架构获重估

- 美股会话: 2026-08-03
- 方向: POSITIVE；类型: 财报/指引；规划重大性: 8/10
- 映射模式: supply_chain
- 美股驱动（规划器初判，需独立核验）: 事实：Onsemi Q3收入和EPS指引高于或接近预期，并称AI数据中心是最快增长业务、2026年收入预计翻倍以上；Advanced Energy Q2收入同比增30%、非GAAP EPS同比增83%，并上调全年收入增长预期，数据中心计算和半导体设备收入均高增，正在开发800VDC数据中心产品。推断：AI服务器需求正在向功率半导体、电源转换、测试、电源系统和机柜级电力架构传导。

## 本催化相关美股真实收盘行情

- 英伟达 (NVDA.US): 206.64 +2.93%
- ON.US (ON.US): 80.4 -1.48%
- AEIS.US (AEIS.US): 296.38 +2.37%
- SYNA.US (SYNA.US): 105.72 -1.49%

## 亚太映射假设（仅候选，必须查证）

- 罗姆 (6963.JP) [JP/竞争替代/positive]: AI数据中心电源树扩张可能拉动SiC/GaN、MOSFET、功率模块和电源管理需求。；核验问题: 核实罗姆AI服务器/数据中心电源收入、客户导入和SiC/GaN订单。
- 瑞萨电子 (6723.JP) [JP/竞争替代/mixed]: AI电源需求改善利好模拟/功率链，但ON强化客户地位也可能带来竞争压力。；核验问题: 核实瑞萨数据中心电源管理、汽车/工业库存和订单恢复情况。
- 台达电 (2308.TW) [TW/供应商/竞争替代/positive]: 800VDC、机柜电源和数据中心电源架构升级可能对应台系电源供应链订单。；核验问题: 核实台达在800VDC、AI服务器电源、UPS和北美hyperscaler项目中的产品与客户。
- 致茂电子 (2360.TW) [TW/供应商/positive]: 高功率电源与半导体测试需求上升可能带动电源测试和验证设备。；核验问题: 核实其AI服务器电源验证、半导体测试和高功率ATE订单。

## 必答问题

- Onsemi盘后下跌是否源于毛利率、Synaptics并购、汽车/工业恢复节奏或估值预期？
- AI数据中心收入翻倍的基数和客户集中度是多少？
- 亚洲功率半导体和电源公司AI服务器敞口是否足以影响盈利预测？

## 原始证据全文（6 条）

### [E2023] ON | 2026-08-03 20:05 UTC | 收盘后
onsemi Reports Second Quarter 2026 Results
URL: https://investor.onsemi.com/news-releases/news-release-details/onsemi-reports-second-quarter-2026-results
PDF Version
Earnings per share increases four times faster than revenue year-over-year
SCOTTSDALE, Ariz., Aug. 03, 2026 (GLOBE NEWSWIRE) -- onsemi (the “Company”) (Nasdaq: ON) today announced its second quarter 2026 results with the following highlights:
Revenue of $1,604 million, increasing 9% year-over-year
GAAP gross margin of 38.4% and non-GAAP gross margin of 39.3%
GAAP operating margin of 16.1% and non-GAAP operating margin 20.8%
GAAP diluted earnings per share of $0.56 and non-GAAP diluted earnings per share $0.74
Cash from operations increased by 150% and free cash flow of $425.4 million quadrupled year-over-year
Share repurchases of $332 million, bringing year-to-date shareholder returns to approximately 105% of free cash flow
“We delivered revenue, gross margin and earnings per share above the midpoint of guidance, reflecting strengthening demand, particularly across AI-driven applications, and growing customer adoption of our differentiated solutions, including Treo and our high voltage power solutions,” said Hassane El-Khoury, President and CEO of onsemi. “AI data center remains our fastest-growing business, and we now expect revenue to more than double in 2026, demonstrating the strength of our intelligent power portfolio and growing customer adoption across the power tree.”
“Our results demonstrate the operating leverage in our business model,” said Thad Trent, EVP and CFO of onsemi. “Year-over-year earnings per share grew four times faster than revenue, driven by gross margin expansion and disciplined cost management. Free cash flow margin expanded from approximately 7% to 27% year-over-year, reflecting the strength of our operating model, and as demand continues to improve, we are increasingly confident in our ability to drive profitable growth and long-term shareholder value.”
Business Highlights:
Announced the planned
acquisition of Synaptics
, expanding capabilities in connected compute at accretive gross margins to support a market expansion while complementing leadership in power and sensing
Expanded role in
NVIDIA MGX
ecosystem as AI infrastructure power demands accelerate
Secured strategic AI data center platform wins with Great Wall, a leading China cloud infrastructure power supplier, expanding EliteSiC and silicon MOSFETs and controller content
Launched ​​
GaNEXUS
​, onsemi's gallium nitride power portfolio spanning 40V to 650V, serving AI data centers, robotics, and industrial infrastructure applications
Extended leadership in automotive zonal architecture and on-board charging with Rivian’s R2 platform with power solutions that enable efficient power distribution and conversion
Selected financial results for the quarter are shown below with comparable periods (unaudited):
GAAP
Non-GAAP
(Revenue and Net Income in millions)
Q2 2026
Q1 2026
Q2 2025
Q2 2026
Q1 2026
Q2 2025
Revenue
$1,603.5
$1,513.3
$1,468.7
$1,603.5
$1,513.3
$1,468.7
Gross Margin
38.4%
38.5%
37.6%
39.3%
38.5%
37.6%
Operating Margin
16.1%
(3.5)%
13.2%
20.8%
19.1%
17.3%
Net Income (loss) attributable to ON Semiconductor Corporation
$226.8
($33.4)
$170.3
$293.8
$253.1
$221.3
Diluted Earnings (loss) Per Share
$0.56
($0.08)
$0.41
$0.74
$0.64
$0.53
Revenue Summary
(in millions)
(Unaudited)
Quarters Ended
Business Segment
Q2 2026
Q1 2026
Q2 2025
Sequential
Change
Year-over-
Year Change
PSG
$
829.0
$
736.6
$
698.2
13
%
19
%
AMG
545.7
540.4
555.9
1
%
(2
)%
ISG
228.8
236.3
214.6
(3
)%
7
%
Total
$
1,603.5
$
1,513.3
$
1,468.7
6
%
9
%
THIRD QUARTER
2026
OUTLOOK
The following table outlines onsemi’s projected third quarter of 2026 GAAP and non-GAAP outlook.
Total onsemi
GAAP
Special
Items **
Total onsemi
Non-GAAP***
Revenue
$1,650 to $1,750 million
-
$1,650 to $1,750 million
Gross Margin
39.9% to 41.9%
0.1%
40.0% to 42.0%
Operating Expenses
$318 to $333 million
$15 million
$303 to $318 million
Other Income and Expense (including interest), net
($18 million)
-
($18 million)
Diluted Earnings Per Share
$0.79 to $0.91
$0.02
$0.81 to $0.93
Diluted Shares Outstanding *
402 million
7 million
395 million
*
Diluted shares outstanding can vary as a result of, among other things, the vesting of restricted stock units, the incremental dilutive shares from the convertible notes, and the repurchase or the issuance of stock or convertible notes or the sale of treasury shares. In periods when the quarterly average stock price per share exceeds $52.97 for the 0% Notes, $103.87 for the 0.50% Notes, and $161.30 for the 2031 0% Notes, the non-GAAP diluted share count and non-GAAP net income per share include the anti-dilutive impact of the hedge transactions entered concurrently with the 0% Notes, the 0.50% Notes, and the 2031 0% Notes, respectively. At an average stock price per share between $52.97 and $74.34 for the 0% Notes, $103.87 and $156.78 for the 0.50% Notes, and $161.30 and $211.54 for the 2031 0% Notes, the hedging activity offsets the potentially dilutive effect of the 0% Notes, the 0.50% Notes, and the 2031 0% Notes, respectively. In periods when the quarterly average stock price exceeds $74.34 for the 0% Notes, $156.78 for the 0.50% Notes, and $211.54 for the 2031 0% Notes, the dilutive impact of the warrants issued concurrently with such notes is included in the diluted shares outstanding. GAAP and non-GAAP diluted share counts are based on either the previous quarter's average stock price or the stock price as of the last day of the previous quarter, whichever is higher.
**
Special items may include: amortization of acquisition-related intangibles; expensing of appraised inventory fair market value step-up; restructuring-related cost of revenue charges; non-recurring facility costs; in-process research and development expenses; restructuring, asset impairments and other, net; goodwill impairment charges; gains and losses on debt prepayment; actuarial (gains) losses on pension plans and other pension benefits; and certain other special items, as necessary. These special items are out of our control and could change significantly from period to period. As a result, we are not able to reasonably estimate and separately present the individual impact or probable significance of these special items, and we are similarly unable to provide a reconciliation of the non-GAAP measures. The reconciliation that is unavailable would include a forward-looking income statement, balance sheet and statement of cash flows in accordance with GAAP. For this reason, we use a projected range of the aggregate amount of special items in order to calculate our projected non-GAAP operating expense outlook.
***
We believe these non-GAAP measures provide important supplemental information to investors. We use these measures, together with GAAP measures, for internal managerial purposes and as a means to evaluate period-to-period comparisons. However, we do not, and you should not, rely on non-GAAP financial measures alone as measures of our performance. We believe that non-GAAP financial measures reflect an additional way of viewing aspects of our operations that, when taken together with GAAP results and the reconciliations to corresponding GAAP financial measures that we also provide in our releases, provide a more complete understanding of factors and trends affecting our business. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures, even if they have similar names.
TELECONFERENCE
onsemi will host a conference call for the financial community at 5 p.m. Eastern Time (ET) on August 3, 2026 to discuss this announcement and onsemi’s second quarter 2026 results. The Company will also provide a real-time audio webcast of the teleconference on the Investor Relations page of its website at
http://www.onsemi.com
. The webcast replay will be available at this site approximately one hour following the live broadcast and will continue to be available for approximately 30 days following the conference call. Investors and interested parties can also access the conference call by pre-registering
here
.
About onsemi
onsemi
(Nasdaq: ON) delivers intelligent power and sensing technologies that enable electrification, energy efficiency, safety, and automation across automotive, industrial, and AI data center end-markets. With a highly differentiated and innovative product portfolio, onsemi helps customers solve complex challenges to achieve higher efficiency, improved performance, and lower system cost, while supporting a safer, cleaner, and more energy-efficient world.
onsemi
is part of the S&P 500
®
index. Learn more about
onsemi
at
www.onsemi.com
.
onsemi and the onsemi logo are trademarks of Semiconductor Components Industries, LLC. All other brand and product names appearing in this document are registered trademarks or trademarks of their respective holders. Although the Company references its website in this news release, information on the website is not to be incorporated herein.
Krystal Heaton
Parag Agarwal
Director, Head of Public Relations
Vice President - Investor Relations & Corporate Development
onsemi
onsemi
(480) 242-6943
(602) 244-3437
Krystal.Heaton@onsemi.com
investor@onsemi.com
This document includes “forward-looking statements,” as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included or incorporated in this document could be deemed forward-looking statements, particularly statements about the future financial performance of onsemi, including financial guidance for the third quarter of 2026. Forward-looking statements are often characterized by the use of words such as “believes,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “anticipates,” “should” or similar expressions or by discussions of strategy, plans or intentions. All forward-looking statements in this document are made based on our current expectations, forecasts, estimates and assumptions and involve risks, uncertainties and other factors that could cause results or events to differ materially from those expressed in the forward-looking statements. Certain factors that could affect our future results or events are described under Part I, Item 1A “Risk Factors” in the 2025 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 9, 2026 (the “2025 Form 10-K”) and from time to time in our other SEC reports. Readers are cautioned not to place undue reliance on forward-looking statements. We assume no obligation to update such information, which speaks only as of the date made, except as may be required by law. Investing in our securities involves a high degree of risk and uncertainty, and you should carefully consider the trends, risks and uncertainties described in this document, our 2025 Form 10-K and other reports filed with or furnished to the SEC before making any investment decision with respect to our securities. If any of these trends, risks or uncertainties actually occurs or continues, our business, financial condition or operating results could be materially adversely affected, the trading prices of our securities could decline, and you could lose all or part of your investment. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement.
ON SEMICONDUCTOR CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share and percentage data)
Quarters Ended
Six Months Ended
July 3, 2026
April 3, 2026
July 4, 2025
July 3, 2026
July 4, 2025
Revenue
$
1,603.5
$
1,513.3
$
1,468.7
$
3,116.8
$
2,914.4
Cost of revenue
987.2
930.2
916.8
1,917.4
2,068.7
Gross profit
616.3
583.1
551.9
1,199.4
845.7
Gross margin
38.4
%
38.5
%
37.6
%
38.5
%
29.0
%
Operating expenses:
Research and development
140.8
144.3
143.8
285.1
307.9
Selling and marketing
63.3
63.0
63.3
126.3
131.6
General and administrative
101.9
89.4
91.2
191.3
175.6
Amortization of intangible assets
10.5
10.5
11.0
21.0
22.4
Restructuring, asset impairments and other, net
41.2
329.3
49.2
370.5
588.5
Total operating expenses
357.7
636.5
358.5
994.2
1,226.0
Operating income (loss)
258.6
(53.4
)
193.4
205.2
(380.3
)
Other income (expense), net:
Interest expense
(13.7
)
(12.7
)
(17.9
)
(26.4
)
(35.9
)
Interest income
17.4
17.7
25.2
35.1
51.8
Other income
8.6
3.8
1.5
12.4
5.6
Other income (expense), net
12.3
8.8
8.8
21.1
21.5
Income (loss) before income taxes
270.9
(44.6
)
202.2
226.3
(358.8
)
Income tax (provision) benefit
(43.4
)
11.7
(30.5
)
(31.7
)
45.3
Net income (loss)
227.5
(32.9
)
171.7
194.6
(313.5
)
Less: Net income attributable to non-controlling interest
(0.7
)
(0.5
)
(1.4
)
(1.2
)
(2.3
)
Net income (loss) attributable to ON Semiconductor Corporation
$
226.8
$
(33.4
)
$
170.3
$
193.4
$
(315.8
)
Net income (loss) per share of common stock attributable to ON Semiconductor Corporation:
Basic
$
0.58
$
(0.08
)
$
0.41
$
0.49
$
(0.76
)
Diluted
$
0.56
$
(0.08
)
$
0.41
$
0.48
$
(0.76
)
Weighted average common shares outstanding:
Basic
390.3
394.1
414.6
392.2
418.0
Diluted
404.4
394.1
414.9
401.5
418.0
ON SEMICONDUCTOR CORPORATION
UNAUDITED CONSOLIDATED BALANCE SHEETS
(in millions)
July 3, 2026
April 3, 2026
December 31, 2025
Assets
Cash and cash equivalents
$
3,514.5
$
2,003.6
$
2,147.6
Short-term investments
350.0
400.0
400.0
Receivables, net
897.2
862.8
908.0
Inventories
2,047.5
2,049.2
1,989.6
Assets held-for-sale
31.4
40.4
25.0
Other current assets
441.2
419.6
352.9
Total current assets
7,281.8
5,775.6
5,823.1
Property, plant and equipment, net
2,924.9
3,035.6
3,369.0
Goodwill
1,687.6
1,679.9
1,679.9
Intangible assets, net
329.4
332.2
343.9
Deferred tax assets
1,014.3
933.2
929.1
ROU financing lease assets
—
—
23.1
Other assets
247.1
254.3
356.0
Total assets
$
13,485.1
$
12,010.8
$
12,524.1
Liabilities and Stockholders’ Equity
Accounts payable
$
498.3
$
486.1
$
572.3
Accrued expenses and other current liabilities
801.0
698.7
714.9
Current portion of financing lease liabilities
0.5
0.5
0.5
Current portion of long-term debt
802.1
—
—
Total current liabilities
2,101.9
1,185.3
1,287.7
Long-term debt
3,657.3
2,982.9
2,980.5
Deferred tax liabilities
46.8
46.5
41.7
Long-term financing lease liabilities
22.8
23.1
23.8
Other long-term liabilities
417.8
452.2
498.5
Total liabilities
6,246.6
4,690.0
4,832.2
ON Semiconductor Corporation stockholders’ equity:
Common stock
6.3
6.3
6.2
Additional paid-in capital
5,632.8
5,582.5
5,538.6
Accumulated other comprehensive loss
(67.1
)
(61.7
)
(55.5
)
Accumulated earnings
8,435.3
8,208.5
8,241.9
Less: Treasury stock, at cost
(6,788.6
)
(6,433.9
)
(6,057.9
)
Total ON Semiconductor Corporation stockholders’ equity
7,218.7
7,301.7
7,673.3
Non-controlling interest
19.8
19.1
18.6
Total stockholders’ equity
7,238.5
7,320.8
7,691.9
Total liabilities and stockholders’ equity
$
13,485.1
$
12,010.8
$
12,524.1
Quarters Ended
Six Months Ended
July 3, 2026
April 3, 2026
July 4, 2025
July 3, 2026
July 4, 2025
Cash flows from operating activities:
Net income (loss)
$
227.5
$
(32.9
)
$
171.7
$
194.6
$
(313.5
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
141.3
286.7
156.4
428.0
324.6
Gain on sale and disposal of fixed assets
(0.3
)
(1.1
)
(5.8
)
(1.4
)
(5.8
)
Amortization of debt discount and issuance costs
3.8
2.9
2.8
6.7
5.7
Share-based compensation
37.4
37.3
34.4
74.7
68.3
Non-cash asset impairment charges
16.3
147.0
40.6
163.3
472.1
Change in deferred tax balances
(12.8
)
2.7
(18.5
)
(10.1
)
(32.2
)
Other
1.9
(2.2
)
2.5
(0.3
)
4.3
Changes in assets and liabilities
44.6
(201.3
)
(199.8
)
(156.7
)
263.1
Net cash provided by operating activities
459.7
239.1
184.3
698.8
786.6
Cash flows from investing activities:
Payments for acquisition of property, plant, and equipment
(34.3
)
(21.9
)
(78.2
)
(56.2
)
(225.8
)
Proceeds from sale of property, plant and equipment
7.6
1.0
6.5
8.6
6.7
Purchase of short-term investments
(350.0
)
(300.0
)
(300.0
)
(650.0
)
(550.0
)
Proceeds from the maturity of short-term investments
400.0
300.0
250.0
700.0
550.0
Payments for acquisition of a business, net of cash acquired
(13.0
)
—
—
(13.0
)
(117.5
)
Other
(3.0
)
4.2
—
1.2
—
Net cash provided by (used in) investing activities
7.3
(16.7
)
(121.7
)
(9.4
)
(336.6
)
Cash flows from financing activities:
Proceeds for common stock issuance under the ESPP
5.3
6.7
5.3
12.0
10.6
Payment of tax withholding for RSUs
(18.6
)
(26.9
)
(2.7
)
(45.5
)
(25.1
)
Repurchase of common stock
(344.8
)
(345.7
)
(302.3
)
(690.5
)
(602.4
)
Issuance and borrowings under debt agreements
1,473.7
—
—
1,473.7
—
Reimbursement of debt issuance and other financing costs
3.4
—
—
3.4
—
Payment of debt issuance and other financing costs
(4.2
)
—
—
(4.2
)
—
Payment for purchase of bond hedges
(351.6
)
—
—
(351.6
)
—
Proceeds from issuance of warrants
281.0
—
—
281.0
—
Payment of finance lease obligations
(0.1
)
(0.1
)
(0.4
)
(0.2
)
(0.8
)
Net cash provided by (used in) financing activities
1,044.1
(366.0
)
(300.1
)
678.1
(617.7
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(0.3
)
(0.3
)
1.9
(0.6
)
3.9
Net increase (decrease) in cash, cash equivalents and restricted cash
1,510.8
(143.9
)
(235.6
)
1,366.9
(163.8
)
Beginning cash, cash equivalents and restricted cash
2,005.1
2,149.0
2,765.2
2,149.0
2,693.4
Ending cash, cash equivalents and restricted cash
$
3,515.9
$
2,005.1
$
2,529.6
$
3,515.9
$
2,529.6
Quarters Ended
Six Months Ended
July 3, 2026
April 3, 2026
July 4, 2025
July 3, 2026
July 4, 2025
Reconciliation of GAAP to non-GAAP gross profit:
GAAP gross profit
$
616.3
$
583.1
$
551.9
$
1,199.4
$
845.7
Special items:
a)
Restructuring-related inventory and other charges
13.4
(1.0
)
(1.9
)
12.4
281.5
b)
Amortization of intangible assets
1.2
1.2
1.3
2.4
2.6
c)
Amortization of fair market value step-up of inventory
—
—
1.2
—
1.2
Total special items
14.6
0.2
0.6
14.8
285.3
Non-GAAP gross profit
$
630.9
$
583.3
$
552.5
$
1,214.2
$
1,131.0
Reconciliation of GAAP to non-GAAP gross margin:
GAAP gross margin
38.4
%
38.5
%
37.6
%
38.5
%
29.0
%
Special items:
a)
Restructuring-related inventory and other charges
0.8
%
(0.1
)%
(0.1
)%
0.4
%
9.7
%
b)
Amortization of intangible assets
0.1
%
0.1
%
0.1
%
0.1
%
0.1
%
c)
Amortization of fair market value step-up of inventory
—
%
—
%
0.1
%
—
%
—
%
Total special items
0.9
%
—
%
0.1
%
0.5
%
9.8
%
Non-GAAP gross margin
39.3
%
38.5
%
37.6
%
39.0
%
38.8
%
Reconciliation of GAAP to non-GAAP operating expenses:
GAAP operating expenses
$
357.7
$
636.5
$
358.5
$
994.2
$
1,226.0
Special items:
a)
Amortization of intangible assets
(10.5
)
(10.5
)
(11.0
)
(21.0
)
(22.4
)
b)
Restructuring, asset impairments and other charges, net
(41.2
)
(329.3
)
(49.2
)
(370.5
)
(588.5
)
c)
Third-party acquisition and divestiture-related costs
(7.6
)
(1.4
)
(0.6
)
(9.0
)
(2.9
)
d)
Adjustments to contingent consideration
(1.6
)
(1.6
)
—
(3.2
)
—
Total special items
(60.9
)
(342.8
)
(60.8
)
(403.7
)
(613.8
)
Non-GAAP operating expenses
$
296.8
$
293.7
$
297.7
$
590.5
$
612.2
Reconciliation of GAAP to non-GAAP operating income:
GAAP operating income (loss)
$
258.6
$
(53.4
)
$
193.4
$
205.2
$
(380.3
)
Special items:
a)
Restructuring-related inventory and other charges
13.4
(1.0
)
(1.9
)
12.4
281.5
b)
Amortization of intangible assets
11.7
11.7
12.3
23.4
25.0
c)
Restructuring, asset impairments and other charges, net
41.2
329.3
49.2
370.5
588.5
d)
Third-party acquisition and divestiture-related costs
7.6
1.4
0.6
9.0
2.9
e)
Amortization of fair market value step-up of inventory
—
—
1.2
—
1.2
f)
Adjustments to contingent consideration
1.6
1.6
—
3.2
—
Total special items
75.5
343.0
61.4
418.5
899.1
Non-GAAP operating income
$
334.1
$
289.6
$
254.8
$
623.7
$
518.8
Reconciliation of GAAP to non-GAAP operating margin
(operating income / revenue)
:
GAAP operating margin
16.1
%
(3.5
)%
13.2
%
6.6
%
(13.0
)%
Special items:
a)
Restructuring related inventory and other charges
0.8
%
(0.1
)%
(0.1
)%
0.4
%
9.7
%
b)
Amortization of intangible assets
0.7
%
0.8
%
0.8
%
0.8
%
0.9
%
c)
Restructuring, asset impairments and other charges, net
2.6
%
21.8
%
3.3
%
11.9
%
20.2
%
d)
Third-party acquisition and divestiture-related costs
0.5
%
0.1
%
—
%
0.3
%
0.1
%
e)
Amortization of fair market value step-up of inventory
—
%
—
%
0.1
%
—
%
—
%
f)
Adjustments to contingent consideration
0.1
%
0.1
%
—
%
0.1
%
—
%
Total special items
4.7
%
22.7
%
4.1
%
13.5
%
30.9
%
Non-GAAP operating margin
20.8
%
19.1
%
17.3
%
20.0
%
17.8
%
Reconciliation of GAAP to non-GAAP income before income taxes:
GAAP income (loss) before income taxes
$
270.9
$
(44.6
)
$
202.2
$
226.3
$
(358.8
)
Special items:
a)
Restructuring-related inventory and other charges
13.4
(1.0
)
(1.9
)
12.4
281.5
b)
Amortization of intangible assets
11.7
11.7
12.3
23.4
25.0
c)
Restructuring, asset impairments and other charges, net
41.2
329.3
49.2
370.5
588.5
d)
Third-party acquisition and divestiture-related costs
7.6
1.4
0.6
9.0
2.9
e)
Amortization of fair market value step-up of inventory
—
—
1.2
—
1.2
f)
Adjustments to contingent consideration
1.6
1.6
—
3.2
—
Total special items
75.5
343.0
61.4
418.5
899.1
Non-GAAP income before income taxes
$
346.4
$
298.4
$
263.6
$
644.8
$
540.3
Reconciliation of GAAP to non-GAAP net income attributable to ON Semiconductor Corporation:
GAAP net income (loss) attributable to ON Semiconductor Corporation
$
226.8
$
(33.4
)
$
170.3
$
193.4
$
(315.8
)
Special items:
a)
Restructuring-related inventory and other charges
13.4
(1.0
)
(1.9
)
12.4
281.5
b)
Amortization of intangible assets
11.7
11.7
12.3
23.4
25.0
c)
Restructuring, asset impairments and other charges, net
41.2
329.3
49.2
370.5
588.5
d)
Third-party acquisition and divestiture-related costs
7.6
1.4
0.6
9.0
2.9
e)
Amortization of fair market value step-up of inventory
—
—
1.2
—
1.2
f)
Adjustments to contingent consideration
1.6
1.6
—
3.2
—
g)
Adjustment to Income taxes
(8.5
)
(56.5
)
(10.4
)
(65.0
)
(130.4
)
Total special items
67.0
286.5
51.0
353.5
768.7
Non-GAAP net income attributable to ON Semiconductor Corporation
$
293.8
$
253.1
$
221.3
$
546.9
$
452.9
Reconciliation of GAAP to non-GAAP diluted shares outstanding:
GAAP diluted shares outstanding
404.4
394.1
414.9
401.5
418.0
Special items:
a)
Less: dilutive shares attributable to convertible notes
(7.4
)
—
—
(4.9
)
—
b)
Add: dilutive shares attributable to share-based awards
—
1.9
—
—
0.4
Total special items
(7.4
)
1.9
—
(4.9
)
0.4
Non-GAAP diluted shares outstanding
397.0
396.0
414.9
396.6
418.4
Non-GAAP diluted earnings per share:
Non-GAAP net income attributable to ON Semiconductor Corporation
$
293.8
$
253.1
$
221.3
$
546.9
$
452.9
Non-GAAP diluted shares outstanding
397.0
396.0
414.9
396.6
418.4
Non-GAAP diluted earnings per share
$
0.74
$
0.64
$
0.53
$
1.38
$
1.08
Reconciliation of net cash provided by operating activities to free cash flow:
Net cash provided by operating activities
$
459.7
$
239.1
$
184.3
$
698.8
$
786.6
Special items:
a)
Payments for acquisition of property, plant and equipment
(34.3
)
(21.9
)
(78.2
)
(56.2
)
(225.8
)
Total special items
(34.3
)
(21.9
)
(78.2
)
(56.2
)
(225.8
)
Free cash flow
$
425.4
$
217.2
$
106.1
$
642.6
$
560.8
Certain of the amounts in the above tables may not total due to rounding of individual amounts.
FREE CASH FLOW
Quarters Ended
October 3, 2025
December 31, 2025
April 3, 2026
July 3, 2026
Last Twelve Months
Net cash provided by operating activities
$
418.7
$
554.5
$
239.1
$
459.7
$
1,672.0
Payments for acquisition of property, plant and equipment
(46.3
)
(69.1
)
(21.9
)
(34.3
)
(171.6
)
Free cash flow
$
372.4
$
485.4
$
217.2
$
425.4
$
1,500.4
Revenue
$
1,550.9
$
1,530.1
$
1,513.3
$
1,603.5
$
6,197.8
SHARE-BASED COMPENSATION
Total share-based compensation related to restricted stock units, stock grant awards and the employee stock purchase plan was as follows:
Quarters Ended
Six Months Ended
July 3, 2026
April 3, 2026
July 4, 2025
July 3, 2026
July 4, 2025
Cost of revenue
$
6.8
$
6.4
$
6.1
$
13.2
$
12.1
Research and development
6.0
7.3
6.3
13.3
12.6
Selling and marketing
4.8
5.1
4.9
9.9
9.6
General and administrative
19.8
18.5
17.1
38.3
34.0
Total share-based compensation
$
37.4
$
37.3
$
34.4
$
74.7
$
68.3
SUPPLEMENTAL FINANCIAL DATA
Quarters Ended
Six Months Ended
July 3, 2026
April 3, 2026
July 4, 2025
July 3, 2026
July 4, 2025
Net cash provided by operating activities
$
459.7
$
239.1
$
184.3
$
698.8
$
786.6
Free cash flow
$
425.4
$
217.2
$
106.1
$
642.6
$
560.8
Cash paid for income taxes
$
50.8
$
46.6
$
65.0
$
97.4
$
86.5
Depreciation and amortization
(1)
$
141.3
$
286.7
$
156.4
$
428.0
$
324.6
Less: Amortization of intangible assets
11.7
11.7
12.3
23.4
25.0
Depreciation and amortization (excl. amortization of intangible assets)
(1)
$
129.6
$
275.0
$
144.1
$
404.6
$
299.6
(1)
Accelerated depreciation and amortization related to the 2025 and 2026 Manufacturing Realignment Programs
$
—
$
136.5
$
2.0
$
136.5
$
14.5
To supplement the consolidated financial results prepared in accordance with GAAP, onsemi uses certain non-GAAP measures, which are adjusted from the most directly comparable GAAP measures to exclude items related to the amortization of acquisition-related intangibles, restructuring-related cost of revenue charges, expensing of appraised inventory fair market value step-up, inventory valuation adjustments, in-process research and development expenses, restructuring, asset impairments and other, net, goodwill impairment charges, gains and losses on debt prepayment, non-cash interest expense, actuarial (gains) losses on pension plans and other pension benefits, third party acquisition and divestiture-related costs, tax impact of these items and certain other non-recurring items, as necessary. Management does not consider the effects of these items in evaluating the core operational activities of onsemi. Management uses these non-GAAP measures internally to make strategic decisions, forecast future results and evaluate onsemi’s current performance. In addition, the Company believes that most analysts covering onsemi use the non-GAAP measures to evaluate onsemi’s performance. Given management’s and other relevant parties’ use of these non-GAAP measures, onsemi believes these measures are important to investors in understanding onsemi’s current and future operating results as seen through the eyes of management. In addition, management believes these non-GAAP measures are useful to investors in enabling them to better assess changes in onsemi’s core business across different time periods. These non-GAAP measures are not prepared in accordance with, and should not be considered alternatives or necessarily superior to, GAAP financial data and may be different from non-GAAP measures used by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures, even if they have similar names.
Non-GAAP Gross Profit and Gross Margin
The use of non-GAAP gross profit and gross margin allows management to evaluate, among other things, the gross profit and gross margin of the Company’s core businesses and trends across different reporting periods on a consistent basis, independent of non-cash and non-recurring items including, generally speaking, restructuring-related cost of revenue charges, amortization of intangible assets, amortization of appraised inventory fair market value step-up, impact of business wind down and non-recurring facility costs. In addition, it is an important component of management’s internal performance measurement and incentive and reward process as it is used to assess the current and historical financial results of the business and for strategic decision making, preparing budgets, obtaining targets and forecasting future results. Management presents this non-GAAP financial measure to enable investors and analysts to evaluate our operating performance independent of certain non-cash items and the effects of certain variables unrelated to our overall operating performance.
Non-GAAP Operating Income and Operating Margin
The use of non-GAAP operating income and operating margin allows management to evaluate, among other things, the operating income and operating margin of the Company’s core businesses and trends across different reporting periods on a consistent basis, independent of non-cash and non-recurring items including, generally speaking, restructuring-related cost of revenue charges, expensing of appraised inventory fair market value step-up, impact of business wind down, non-recurring facility costs, amortization and impairments of intangible assets, third party acquisition and divestiture-related costs, restructuring charges, asset impairments and certain other special items as necessary. In addition, it is an important component of management’s internal performance measurement and incentive and reward process as it is used to assess the current and historical financial results of the business and for strategic decision making, preparing budgets, obtaining targets and forecasting future results. Management presents this non-GAAP financial measure to enable investors and analysts to evaluate our operating performance independent of certain non-cash items and the effects of certain variables unrelated to our overall operating performance.
Non-GAAP Net Income Attributable to ON Semiconductor Corporation and Non-GAAP Diluted Earnings Per Share
The use of non-GAAP net income attributable to ON Semiconductor Corporation and non-GAAP diluted earnings per share allows management to evaluate the operating results of onsemi’s core businesses and trends across different reporting periods on a consistent basis, independent of non-cash and non-recurring items including, generally, the restructuring related cost of revenue charges, amortization and impairments of intangible assets, expensing of appraised inventory fair market value step-up, impact of business wind down, non-recurring facility costs, restructuring, asset impairments, gains and losses on debt prepayment, actuarial (gains) losses on pension plans and other pension benefits, third party acquisition and divestiture-related costs, discrete tax items and other non-GAAP tax adjustments and certain other special items, as necessary. In addition, these measures are important components of management’s internal performance measurement and incentive and reward process, as they are used to assess the current and historical financial results of the business and for strategic decision making, preparing budgets, setting targets and forecasting future results. For our non-GAAP reporting we apply a projected, normalized non-GAAP effective tax rate of 15% for 2026 and 16% for 2025. We calculate this non-GAAP effective tax rate on an annual basis. We may update this non-GAAP effective tax rate at any time for a variety of reasons, including, but not limited to, the rapidly evolving global tax environment, significant changes in our geographic earnings mix or changes to our strategy or business operations. Management presents these non-GAAP financial measures to enable investors and analysts to understand the results of operations of onsemi’s core businesses and, to the extent comparable, to compare our results of operations on a more consistent basis against those of other companies in our industry.
Free Cash Flow
The use of free cash flow allows management to evaluate, among other things, the ability of the Company to make interest or principal payments on its debt. Free cash flow is defined as the difference between cash flow from operating activities and capital expenditures disclosed under investing activities in the consolidated statement of cash flows. Free cash flow is not an alternative to cash flow from operating activities as a measure of liquidity. It is an important component of management’s internal performance measurement and incentive and reward process as it is used to assess the current and historical financial results of the business and for strategic decision making, preparing budgets, obtaining targets and forecasting future results. Management presents this non-GAAP financial measure to enable investors and analysts to evaluate our financial performance independent of the cash capital expenditures.
Non-GAAP Diluted Share Count
The use of non-GAAP diluted share count allows management to evaluate, among other things, the potential dilution due to the outstanding restricted stock units excluding the dilution from the convertible notes that is covered by hedging activity up to a certain threshold. In periods when the quarterly average stock price per share exceeds $52.97 for the 0% Notes, $103.87 for the 0.50% Notes, and $161.30 for the 2031 0% Notes, the non-GAAP diluted share count includes the anti-dilutive impact of the Company’s hedge transactions issued concurrently with the 0% Notes, the 0.50% Notes, and the 2031 0% Notes, respectively. At an average stock price per share between $52.97 and $74.34 for the 0% Notes, $103.87 and $156.78 for the 0.50% Notes, and $161.30 and $211.54 for the 2031 0% Notes, the hedging activity offsets the potentially dilutive effect of the 0% Notes, the 0.50% Notes, and the 2031 0% Notes, respectively. In periods when the quarterly average stock price exceeds $74.34 for the 0% Notes, $156.78 for the 0.50% Notes, and $211.54 for the 2031 0% Notes, the dilutive impact of the warrants issued concurrently with such notes is included in the diluted shares outstanding.

### [E2297] Barron's | 2026-08-03 20:21 UTC | 收盘后
On Semiconductor Rises on Solid Earnings Beat as AI Data Center Revenue Grows
URL: https://www.barrons.com/articles/on-semiconductor-earnings-stock-price-a057171e
While most of the company’s chip sales are to the car business, its fastest growing segment is to artificial intelligence data centers.

### [E2737] Investing.com | 2026-08-03 21:18 UTC | 收盘后
Advanced Energy Industries soars 10% on strong Q2 results, guidance
URL: https://www.investing.com/news/earnings/advanced-energy-industries-soars-10-on-strong-q2-results-guidance-93CH-4832403
Advanced Energy Industries soars 10% on strong Q2 results, guidance

### [E2885] Investing.com | 2026-08-03 21:54 UTC | 收盘后
Advanced Energy Q2 2026 slides: record results, guidance raised
URL: https://www.investing.com/news/company-news/advanced-energy-q2-2026-slides-record-results-guidance-raised-93CH-4832453
Trump insists Iran talks ongoing, says Hormuz could open ’literally by tomorrow’
Introduction & Market Context
Advanced Energy Industries (NASDAQ:AEIS) presented its second-quarter 2026 financial results on August 3, 2026, showcasing record performance that exceeded the high end of guidance across all key metrics. The company’s shares surged 11.23% in after-hours trading to $329.66 following the announcement, adding to a 2.41% gain during the regular session to close at $296.51.
The presentation highlighted the company’s strengthening position in both semiconductor equipment and AI data center markets, with management raising full-year revenue growth expectations to the low-to-mid-30% range from a previous forecast of low-to-mid-20% growth.
Quarterly Performance Highlights
Advanced Energy delivered exceptional results across all financial metrics in the second quarter of 2026, as illustrated in the company’s presentation materials.
The company reported revenue of $574 million, representing a 30% year-over-year increase and 12.3% sequential growth. Non-GAAP earnings per share reached $2.74, up 83% from $1.50 in the prior-year period and 31% higher than the first quarter’s $2.09. These results significantly exceeded analyst expectations, with EPS beating consensus estimates by 24.55% and revenue surpassing forecasts by 5.75%.
Operating performance showed substantial improvement, with non-GAAP operating margin expanding 730 basis points year-over-year to 21.9%, generating record operating income of $125 million. Non-GAAP gross margin improved to 41.9%, up 380 basis points from the prior year, even after excluding a 120 basis point benefit from IEEPA tariff refunds.
The company achieved record operating cash flow from continuing operations of $86 million, while maintaining a strong balance sheet with total cash of $1.40 billion and net cash of $132 million.
Segment Performance Analysis
Advanced Energy’s presentation detailed strong performance across its major market segments, with semiconductor equipment and data center computing leading growth.
Semiconductor Equipment emerged as the largest contributor, generating $278 million in revenue—a 33% year-over-year increase and 27% sequential gain. The segment benefited from increased demand in leading-edge logic and memory applications, with the company’s eVerest™ and eVOS™ platforms gaining validation. Management highlighted securing system power design wins in semiconductor test, atomic layer deposition, and thermal sensing applications, with several plasma and system power programs beginning production ramps.
Data Center Computing revenue reached $192 million, up 35% year-over-year despite a slight 1% sequential decline. The presentation emphasized progressive demand improvement and success in winning new hyperscaler programs. The company is actively engaging with second-wave customers for 2027 deployment while developing multiple 800 VDC products, with full production targeted for 2028.
The historical comparison of revenue by market segment provides additional context for these trends.
Industrial & Medical revenue totaled $80 million, representing 17% year-over-year growth and 11% sequential improvement. The segment showed strong momentum in electrosurgical applications with medical pulsed power solutions, while securing multiple design wins in aerospace and defense. Notably, the company achieved a 40% year-over-year increase in website leads converted to design wins during the first half of 2026.
Telecom & Networking contributed $24 million, up 12% year-over-year, with results in line with expectations as customers evaluate AI rack power solutions.
Financial Strength & Operational Excellence
The company’s detailed income statement demonstrates robust operational leverage and margin expansion across the business.
Non-GAAP operating expenses increased 10.8% year-over-year to $114.8 million, representing 20.0% of revenue compared to 23.5% in the prior-year period. This operating leverage, combined with improved gross margins, drove non-GAAP operating margin to 21.9% from 14.6% a year earlier.
GAAP operating margin from continuing operations reached 16.6%, up from 7.2% in the second quarter of 2025, while GAAP EPS from continuing operations was $1.29, up 92.5% year-over-year.
Balance sheet and cash flow metrics reflected the company’s strong financial position and strategic investments.
Total cash increased $697 million quarter-over-quarter to $1.40 billion, primarily due to net proceeds from a convertible note offering completed in May 2026. Inventory levels rose to $538.1 million from $458.7 million in the prior quarter, supporting customer ramps and capturing upside opportunities. Days inventory increased by 10 days to 145 days, while days sales outstanding improved to 63 days and days payables outstanding expanded to 85 days.
Capital expenditures totaled $49.5 million in the quarter, supporting the company’s capacity expansion initiatives.
Strategic Initiatives & Capacity Expansion
Advanced Energy’s presentation outlined significant investments in capacity, inventory, and research and development to support accelerating demand. Management raised 2026 capital expenditure guidance to $180-195 million, up from previous expectations, as the company targets approximately $5 billion in revenue-generating capacity by the end of 2028.
The Thailand manufacturing facility represents a key component of this expansion strategy, with customer qualifications being accelerated and initial production expected in the fourth quarter of 2026. Once fully built out, the facility will contribute significantly to the company’s global manufacturing capacity.
The company emphasized continued investment in R&D to accelerate new product introductions and expand its design-win pipeline. Management highlighted development of 800 VDC solutions for data center applications, with positive customer feedback on early units and production ramp on track for 2028.
In semiconductor applications, the company is driving share gains through its eVerest™ and eVOS™ platforms, securing design wins in plasma power and system power across multiple applications including semiconductor test, atomic layer deposition, and thermal sensing.
Forward Guidance & Market Outlook
Advanced Energy provided strong guidance for the third quarter of 2026 and raised its full-year revenue growth outlook.
For the third quarter, the company projects revenue of $640 million, plus or minus $20 million, representing continued sequential growth. Non-GAAP EPS is expected to reach $3.00, plus or minus $0.25, while GAAP EPS from continuing operations is forecast at $2.38, plus or minus $0.25.
The detailed reconciliation between GAAP and non-GAAP guidance demonstrates the company’s commitment to transparency.
Management raised its full-year 2026 revenue growth outlook to the low-to-mid-30% range from a previous expectation of low-to-mid-20% growth, citing strengthening demand across all major markets. The company expects to achieve record revenue in both the third and fourth quarters of 2026.
For the second half of 2026, semiconductor revenue is projected to grow nearly 50% year-over-year, while data center revenue is expected to increase more than 50% for the full year 2026, following a doubling in 2025. Industrial & Medical revenue is anticipated to grow sequentially on higher demand and improved factory output.
Management expects gross margin to reach the 42% range by the fourth quarter of 2026, driven by favorable product mix and higher volume. Despite increased capital spending and inventory investments, the company anticipates free cash flow to be at or above 2025 levels.
Market Positioning & Growth Drivers
The presentation emphasized Advanced Energy’s strengthening competitive position in large, fast-growing semiconductor and AI data center markets. Management stated the company is "better positioned to gain share than at any other time in our history," citing acceptance of new technologies in both plasma power and system power applications.
The company’s historical non-GAAP financial trends illustrate consistent improvement in operational metrics.
Key competitive advantages highlighted include best-in-class power technologies, global engineering teams, expanded production capacity, and scale. The company is leveraging these strengths to drive share gains in semiconductor equipment markets while capturing significant opportunities in AI-related data center power systems.
In semiconductor applications, the company is benefiting from increasing power requirements in advanced process nodes and growing content in emerging applications. The data center opportunity is being driven by three factors: existing hyperscale customer wins ramping to volume, second-wave customers coming online, and new 800-volt products entering production in later years.
Management emphasized a disciplined approach to market opportunities, focusing on high-value, technically demanding applications rather than commodity markets, which should support continued margin expansion alongside revenue growth.
Full presentation:
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

### [E2893] Reuters | 2026-08-03 21:58 UTC | 收盘后
Onsemi forecasts upbeat revenue on surging AI data center chip demand
URL: https://www.reuters.com/business/onsemi-forecasts-upbeat-revenue-surging-ai-data-center-chip-demand-2026-08-03/
Chipmaker Onsemi (ON.O) on Monday forecast third-quarter revenue above Wall Street expectations, betting on surging demand for ​power management chips used in AI data centers.

Onsemi's results ‌come as it looks to its biggest deal yet, a $7 billion all-stock acquisition of Synaptics announced in June, to ​tap into growing demand from AI ​devices and robotics.

Here are some details:

Onsemi forecast its ⁠third-quarter revenue in the range of $1.65 billion to $1.75 billion, ​the midpoint of which is above analysts' average ​estimate of $1.67 billion, according to LSEG data.

"AI data center remains our fastest-growing business and we now expect revenue ​to more than double in 2026, demonstrating the ​strength of our intelligent power portfolio and growing customer adoption ‌across ⁠the power tree," CEO Hassane El-Khoury said.

The company posted second-quarter revenue of $1.6 billion, in line with expectations of $1.59 billion.

Adjusted earnings per share came in ​at $0.74, above ​estimates of $0.71.

It ⁠expects third-quarter adjusted EPS in the range of $0.81 to $0.93, the midpoint of ​which is above estimates of $0.83.

Shares of ​the ⁠company were down 1.5% after the bell.

Onsemi is also pressing ahead with its "Fab Right" strategy to ⁠cut costs. ​In July, it sold two ​of its manufacturing facilities as part of this strategy.

### [E2894] Reuters | 2026-08-03 21:58 UTC | 收盘后
Onsemi forecasts upbeat revenue on surging AI data center chip demand
URL: https://www.reuters.com/business/onsemi-forecasts-upbeat-revenue-surging-ai-data-center-chip-demand-2026-08-03/
Onsemi forecasts upbeat revenue on surging AI data center chip demand

Chipmaker Onsemi (ON.O) on Monday forecast third-quarter revenue above Wall Street expectations, betting on surging demand for ​power management chips used in AI data centers.

Onsemi's results ‌come as it looks to its biggest deal yet, a $7 billion all-stock acquisition of Synaptics announced in June, to ​tap into growing demand from AI ​devices and robotics.

Here are some details:

Onsemi forecast its ⁠third-quarter revenue in the range of $1.65 billion to $1.75 billion, ​the midpoint of which is above analysts' average ​estimate of $1.67 billion, according to LSEG data.

"AI data center remains our fastest-growing business and we now expect revenue ​to more than double in 2026, demonstrating the ​strength of our intelligent power portfolio and growing customer adoption ‌across ⁠the power tree," CEO Hassane El-Khoury said.

The company posted second-quarter revenue of $1.6 billion, in line with expectations of $1.59 billion.

Adjusted earnings per share came in ​at $0.74, above ​estimates of $0.71.

It ⁠expects third-quarter adjusted EPS in the range of $0.81 to $0.93, the midpoint of ​which is above estimates of $0.83.

Shares of ​the ⁠company were down 1.5% after the bell.

Onsemi is also pressing ahead with its "Fab Right" strategy to ⁠cut costs. ​In July, it sold two ​of its manufacturing facilities as part of this strategy.

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