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ON Semiconductor (ON) investor relations material
ON Semiconductor Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary3 Nov, 2025
Executive summary
Q3 2025 revenue was $1.55 billion, exceeding guidance midpoint but down 12% year-over-year, with non-GAAP gross margin at 38% and EPS at $0.63, near the high end of the range.
AI Data Center revenue nearly doubled year-over-year, and stabilization was observed in automotive and industrial markets.
Strategic investments in Trail, vGaN, and VCORE platforms, along with acquisitions and technology launches, are accelerating the product roadmap and positioning for long-term growth in automotive, industrial, and AI markets.
Free cash flow grew 22% year-over-year to $372 million, representing 24% of revenue, with nearly 100% of free cash flow returned to shareholders via share repurchases.
Major restructuring included a global workforce reduction of 2,400 employees and significant asset impairments.
Financial highlights
Q3 2025 revenue was $1.55 billion, up 6% sequentially but down 12% year-over-year; automotive revenue was $787 million (+7% Q/Q), industrial $426 million (+5% Q/Q), and other $337 million (+2% Q/Q).
Non-GAAP gross margin was 38%; GAAP gross margin was 37.9%; GAAP operating margin was 17%, non-GAAP operating margin 19.2%.
Q3 net income was $255 million, down 37% year-over-year; diluted EPS was $0.63.
Free cash flow for Q3 was $372 million, 24% of revenue; cash from operations was $418.7 million.
Inventory days decreased to 194 from 208, with base inventory at 112 days.
Outlook and guidance
Q4 2025 revenue expected between $1.48 billion and $1.58 billion.
Non-GAAP gross margin guidance of 37%-39%; non-GAAP EPS expected in the range of $0.57-$0.67.
Capital expenditures projected at $20 million-$40 million for Q4; 2025 capex expected at 5–6% of revenue.
Normal seasonality anticipated, with Q1 typically down 2%-3%.
2027 targets: 10-12% revenue CAGR, 53% gross margin, 40% operating margin, 25-30% free cash flow margin.
Which segment leads AI and energy efficiency?
Future share repurchase strategy
Explain the large YTD restructuring charges
Explain ON's 'wall to core' AI differentiation
vGaN: production timeline and key benefits
Mass market inventory build rationale
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Next ON Semiconductor earnings date
UBS’s 2025 Global Technology and AI Conference2 Dec, 2025
Next ON Semiconductor earnings date
UBS’s 2025 Global Technology and AI Conference2 Dec, 2025
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Frequently asked questions
Intelligent Power and Sensing Technologies
ON Semiconductor Corporation, also known as Onsemi, specializes in intelligent power and sensing technologies that support a wide range of industries. The company operates through three main segments: Power Solutions Group, Analog Solutions Group, and Intelligent Sensing Group. These segments focus on developing semiconductor products such as power management ICs, sensors, and other integrated circuits. The company is headquartered in Scottsdale, Arizona, and its shares are listed on the NASDAQ.
Onsemi's Three Main Business Segments
Each of Onsemi’s business segments focuses on different areas of semiconductor technology, catering to high-growth industries.
Power Solutions Group (PSG)
PSG is central to Onsemi's operations, specializing in power management and conversion technologies. A key focus is silicon carbide (SiC) technology, which offers superior performance over traditional silicon, especially in high-temperature and high-voltage environments. This makes SiC ideal for next-generation power solutions in electric vehicles (EVs), renewable energy, and industrial applications, positioning Onsemi as a leader in energy-efficient technologies.
Analog and Mixed-Signal Group (AMG)
AMG develops integrated circuits that manage both analog and digital signals, crucial for automotive, industrial, and communication sectors. Its products, such as amplifiers, converters, and power management ICs, enhance system performance and reliability, supporting the growing complexity of electronic devices.
Intelligent Sensing Group (ISG)
ISG focuses on sensor solutions for automation, safety, and human-machine interaction. Its offerings include image and proximity sensors used in automotive safety systems, industrial automation, and smart home devices. ISG is pivotal in advancing intelligent sensing technologies, crucial for autonomous systems and the Internet of Things (IoT).
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