onsemi

onsemi (ON Semiconductor) makes power and sensing chips. Its Power Solutions Group (PSG) sells silicon and silicon carbide power devices that convert and control electricity in cars, factories, solar and storage systems and AI data centers. Its Analog and Mixed-Signal Group (AMG) sells power management and control chips, and its Intelligent Sensing Group (ISG) sells image sensors, mainly for car cameras and industrial uses. Cars and industrial customers give most of its revenue, and AI data centers are its fastest-growing market. onsemi makes most of its chips in its own factories.

Revenue was $1.72 billion in Q3 2026, and PSG gave 52% of it. In June 2026, onsemi agreed to buy Synaptics, which makes connectivity, edge AI and sensing chips. In November 2026, it agreed to buy Ferric, which makes integrated voltage regulators that supply power to AI processors.

The market doubts that onsemi can return to steady growth. Its revenue fell in 2024 and 2025 because car makers sold fewer electric vehicles than planned and industrial customers used up their stock, and silicon carbide prices fell as Chinese suppliers added capacity. Investors also ask whether onsemi pays too much for Synaptics, a new market for the company, with new debt. The Q3 2026 report on November 2, 2026, met the first test: revenue rose 11% from a year earlier, and the non-GAAP gross margin rose to 41.2%.

For the gap to close, three things must be true. Revenue must keep growing from a year earlier, and the non-GAAP gross margin must reach the 41.5% to 43.5% range of the Q4 guidance. AI data center revenue must more than double in 2026, as management expects, and keep growing toward the new 2030 target of more than $3 billion. The Synaptics purchase, now $5.7 billion in cash, must close by mid-2027 and add to non-GAAP earnings per share from the first quarter, as onsemi says it will.

The Synaptics shareholder vote on November 17, 2026, is the next test, the Q4 report in about February 2027 follows, and the deal should close by mid-2027 after foreign approvals. If growth holds, the gap can close over the next three to five quarters. A new fall in car demand or a longer silicon carbide price war can delay it.

1. Nov 2, 2026Passed

   Q3 2026 results: growth and gross marginRevenue within the $1.65 billion to $1.75 billion guidance and a non-GAAP gross margin of 40% or more pass; revenue below the guidance or a lower gross margin fails.Outcome: Revenue rose 11% to $1.72 billion, inside the guidance, and the non-GAAP gross margin rose to 41.2%.
2. Nov 17, 2026Pending

   Synaptics shareholder voteApproval by Synaptics shareholders at $123 per share in cash passes; a rejection or a higher price after a competing offer fails.
3. Dec 2026 · est.Pending

   Ferric deal closingClosing by the end of 2026 for $600 million in cash passes; a delay into 2027 or a higher price fails.
4. Feb 2, 2027 · est.Pending

   Q4 2026 results: AI data center revenue for 2026AI data center revenue that more than doubled in 2026, revenue that still grows from a year earlier and a non-GAAP gross margin inside the 41.5% to 43.5% guidance pass; a fall in revenue or a missed AI data center target fails.
5. Q2 2027 · est.Pending

   Synaptics deal closingClosing by mid-2027 after the shareholder vote and foreign approvals, with a plan to repay the new term loans, passes; a delay past mid-2027 or a higher price fails.

Every passed and failed checkpoint across all picks

• November 6, 2026onsemi and the Czech Ministry of Industry and Trade agreed not to go ahead with the planned expansion of silicon carbide production at onsemi's Rožnov pod Radhoštěm site, which they announced in June 2024. onsemi said that the decision comes from changes in the silicon carbide market and in the economics of the project. The current silicon and silicon carbide operations at the site continue.
• November 2, 2026onsemi reported Q3 2026 results. Revenue rose 11% from a year earlier to $1.72 billion, and PSG revenue rose 21%. AI data center revenue rose 175% from a year earlier, and automotive revenue fell 1%. The non-GAAP gross margin was 41.2%, and non-GAAP EPS was $0.90, both above the middle of the guidance. Free cash flow was $489 million. For Q4, onsemi guided revenue of $1.715 billion to $1.815 billion and non-GAAP EPS of $0.95 to $1.07.
• November 2, 2026onsemi agreed to buy Ferric, which makes integrated voltage regulators for AI processors, for $600 million in cash, plus up to $175 million more if Ferric meets revenue targets through 2029. onsemi will pay with cash on hand and expects the deal to close by the end of 2026. It raised its 2030 AI data center revenue target by $500 million to more than $3 billion.

Last earnings

November 2, 2026 (8-K on sec.gov)

Next earnings

Expected about February 2, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Oct 2, 2026Filed November 2, 2026 · on-20261002
• 8-KEarnings releaseFiled November 2, 2026 · Press release and exhibits
• 8-KNew material agreement and Investor disclosureFiled November 2, 2026 · Read it on sec.gov
• 8-KNew material agreement and Other company newsFiled October 1, 2026 · Read it on sec.gov
• 8-KOther company newsFiled August 13, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jul 3, 2026Filed August 3, 2026 · on-20260703
• 8-KEarnings releaseFiled August 3, 2026 · Press release and exhibits
• 8-KNew material agreement and Other company newsFiled June 25, 2026 · Read it on sec.gov
• 8-KChange of directors or officers and Shareholder vote resultsFiled May 18, 2026 · Read it on sec.gov
• 8-KNew material agreement and New debt or financial obligationFiled May 12, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1097864)

• Car makers give a large part of revenue. If sales of electric and hybrid vehicles slow again, or car makers cut chip stock, demand for silicon carbide and other power chips can fall.
• Chinese suppliers add silicon carbide capacity and cut prices. This can reduce onsemi's prices and gross margin, and it can leave its own factories underused.
• The $5.7 billion cash purchase of Synaptics brings new markets and new debt, and the $600 million Ferric purchase uses more cash. The Synaptics deal still needs a Synaptics shareholder vote and foreign approvals, and the integration or the planned $200 million of cost synergies can take longer than planned.
• AI data center revenue grows fast but is still a small part of sales. Competition from other power chip makers is strong, and customers can change suppliers between product generations.

onsemi funds itself mostly with low-cost convertible notes and one issue of senior notes. On October 2, 2026, it had $4.16 billion of cash and $210 million of short-term investments. Read more

onsemi does not pay a dividend.

Source: company filings and market data, read on November 13, 2026.