HighGravityDataOnsemi — Nov 3, 2025 release
Fiscal 2025 third-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001140361-25-040094
Showing in the filing
Gross Margin (Special Items)
“0.1%”
Period
Q4 FY2025
Measure
GAAP-tied
Source
Guidance table
All guidance in this release · 14
Revenue (Total onsemi Non-GAAP) for Q4 FY2025
“$1,480 to $1,580 million”
Gross Margin (Total onsemi GAAP) for Q4 FY2025
“36.9% to 38.9%”
Gross Margin (Total onsemi Non-GAAP) for Q4 FY2025
“37.0% to 39.0%”
Operating Expenses (Total onsemi GAAP) for Q4 FY2025
“$296 to $311 million”
Operating Expenses (Special Items) for Q4 FY2025
“$14 million”
Operating Expenses (Total onsemi Non-GAAP) for Q4 FY2025
“$282 to $297 million”
Other Income and Expense (including interest… for Q4 FY2025
“($7 million)”
Diluted Earnings Per Share (Total onsemi GAAP) for Q4 FY2025
“$0.56 to $0.66”
Diluted Earnings Per Share (Special Items) for Q4 FY2025
“$0.01”
Diluted Earnings Per Share (Total onsemi Non… for Q4 FY2025
“$0.57 to $0.67”
Diluted Shares Outstanding (Total onsemi Non… for Q4 FY2025
“405 million”
Gross Margin (Special Items) for Q4 FY2025
“0.1%”
Non-GAAP effective tax rate for FY2025
“16%”
Non-GAAP Effective Tax Rate for FY2026
“15%”
Exhibit 99.1 · the passage around this item
… earlier in the release
4
ON SEMICONDUCTOR CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
Quarters Ended
Nine Months Ended
October 3,
2025
July 4, 2025
September 27,
2024
October 3,
2025
September 27,
2024
Revenue
$
1,550.9
$
1,468.7
$
1,761.9
$
4,465.3
$
5,359.8
Cost of revenue
963.7
916.8
962.5
3,032.4
2,922.8
Gross profit
587.2
551.9
799.4
1,432.9
2,437.0
Gross margin
37.9
%
37.6
%
45.4
%
32.1
%
45.5
%
Operating expenses:
Research and development
141.9
143.8
151.0
449.8
457.5
Selling and marketing
62.8
63.3
65.4
194.4
203.1
General and administrative
87.3
91.2
95.5
262.9
275.8
Amortization of intangible assets
11.2
11.0
13.0
33.6
38.5
Restructuring, asset impairments and other, net
19.6
49.2
29.1
608.1
103.0
Total operating expenses
322.8
358.5
354.0
1,548.8
1,077.9
Operating income (loss)
264.4
193.4
445.4
(115.9
)
1,359.1
Other income (expense), net:
Interest expense
(17.7
)
(17.9
)
(15.7
)
(53.6
)
(47.0
)
Interest income
22.7
25.2
28.6
74.5
83.6
Other income (expense)
3.6
1.5
(3.7
)
9.2
(0.8
)
Other income (expense), net
8.6
8.8
9.2
30.1
35.8
Income (loss) before income taxes
273.0
202.2
454.6
(85.8
)
1,394.9
Income tax (provision) benefit
(17.7
)
(30.5
)
(51.9
)
27.6
(200.1
)
Net income (loss)
255.3
171.7
402.7
(58.2
)
1,194.8
Less: Net income attributable to non-controlling interest
(0.3
)
(1.4
)
(1.0
)
(2.6
)
(1.9
)
Net income (loss) attributable to ON Semiconductor Corporation
$
255.0
$
170.3
$
401.7
$
(60.8
)
$
1,192.9
Net income (loss) per share of common stock:
Basic
$
0.63
$
0.41
$
0.94
$
(0.15
)
$
2.79
Diluted
$
0.63
$
0.41
$
0.93
$
(0.15
)
$
2.75
Weighted average common shares outstanding:
Basic
406.9
414.6
427.0
414.3
428.1
Diluted
408.0
414.9
431.7
414.3
433.8
5
ON SEMICONDUCTOR CORPORATION
UNAUDITED CONSOLIDATED BALANCE SHEETS
(in millions)
October 3, 2025
July 4, 2025
December 31,
2024
Assets
Cash and cash equivalents
$
2,472.5
$
2,526.7
$
2,691.3
Short-term investments
400.0
300.0
300.0
Receivables, net
943.4
927.0
1,160.1
Inventories
2,047.9
2,087.1
2,242.0
Assets held-for-sale
70.5
63.5
5.3
Other current assets
396.7
447.1
353.3
Total current assets
6,331.0
6,351.4
6,752.0
Property, plant and equipment, net
3,550.6
3,714.9
4,361.4
Goodwill
1,641.6
1,641.6
1,587.9
Intangible assets, net
289.5
296.9
257.9
Deferred tax assets
837.5
754.8
729.9
ROU financing lease assets
38.7
39.3
40.5
Other assets
321.3
327.3
360.2
Total assets
$
13,010.2
$
13,126.2
$
14,089.8
Liabilities and Stockholders’ Equity
Accounts payable
$
479.1
$
474.3
$
574.5
Accrued expenses and other current liabilities
730.8
790.0
760.0
Current portion of financing lease liabilities
0.5
0.4
0.3
Total current liabilities
1,210.4
1,264.7
1,334.8
Long-term debt
3,353.1
3,350.7
3,345.9
Deferred tax liabilities
41.1
39.9
37.6
Long-term financing lease liabilities
23.8
23.7
20.7
Other long-term liabilities
455.7
486.0
536.3
Total liabilities
5,084.1
5,165.0
5,275.3
ON Semiconductor Corporation stockholders’ equity:
Common stock
6.2
6.2
6.2
Additional paid-in capital
5,495.3
5,451.1
5,372.2
Accumulated other comprehensive loss
(54.4
)
(50.4
)
(62.4
)
Accumulated earnings
8,060.1
7,805.1
8,120.9
Less: Treasury stock, at cost
(5,601.8
)
(5,271.2
)
(4,640.5
)
Total ON Semiconductor Corporation stockholders’ equity
7,905.4
7,940.8
8,796.4
Non-controlling interest
20.7
20.4
18.1
Total stockholders’ equity
7,926.1
7,961.2
8,814.5
Total liabilities and stockholders’ equity
$
13,010.2
$
13,126.2
$
14,089.8
6
ON SEMICONDUCTOR CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Quarters Ended
Nine Months Ended
October 3,
2025
July 4, 2025
September 27,
2024
October 3,
2025
September 27,
2024
Cash flows from operating activities:
Net income (loss)
$
255.3
$
171.7
$
402.7
$
(58.2
)
$
1,194.8
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
146.5
156.4
161.8
471.1
476.3
(Gain) loss on sale and disposal of fixed assets
(1.3
)
(5.8
)
4.1
(7.1
)
5.1
Amortization of debt discount and issuance costs
2.9
2.8
3.6
8.6
9.2
Share-based compensation
38.2
34.4
32.7
106.5
98.0
Non-cash asset impairment charges
15.8
40.6
—
487.9
15.7
Change in deferred tax balances
(80.9
)
(18.5
)
(45.6
)
(113.1
)
(122.1
)
Other
(3.1
)
2.5
1.7
1.2
7.0
Changes in assets and liabilities
45.3
(199.8
)
(95.2
)
308.4
(357.3
)
Net cash provided by operating activities
418.7
184.3
465.8
1,205.3
1,326.7
Cash flows from investing activities:
Payments for acquisition of property, plant, and equipment
(46.3
)
(78.2
)
(161.7
)
(272.1
)
(536.7
)
Proceeds from sale of property, plant and equipment
0.1
6.5
0.3
6.8
0.6
Purchase of short-term investments
(250.0
)
(300.0
)
(300.0
)
(800.0
)
(750.0
)
Proceeds from the maturity of short-term investments
150.0
250.0
450.0
700.0
450.0
Purchase of a business, net of cash acquired
—
—
(20.5
)
(117.5
)
(20.5
)
Other
(5.0
)
—
—
(5.0
)
(1.5
)
Net cash used in investing activities
(151.2
)
(121.7
)
(31.9
)
(487.8
)
(858.1
)
Cash flows from financing activities:
Proceeds for the issuance of common stock under the ESPP
6.0
5.3
6.5
16.6
19.6
Payment of tax withholding for RSUs
(2.4
)
(2.7
)
(3.1
)
(27.5
)
(48.3
)
Repurchase of common stock
(325.0
)
(302.3
)
(200.0
)
(927.4
)
(450.0
)
Payment of finance lease obligations
(0.4
)
(0.4
)
(0.4
)
(1.2
)
(1.8
)
Other
(0.4
)
—
—
(0.4
)
—
Net cash used in financing activities
(322.2
)
(300.1
)
(197.0
)
(939.9
)
(480.5
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(0.9
)
1.9
2.4
3.0
(0.7
)
Net increase (decrease) in cash, cash equivalents and restricted cash
(55.6
)
(235.6
)
239.3
(219.4
)
(12.6
)
Beginning cash, cash equivalents and restricted cash
2,529.6
2,765.2
2,233.1
2,693.4
2,485.0
Ending cash, cash equivalents and restricted cash
$
2,474.0
$
2,529.6
$
2,472.4
$
2,474.0
$
2,472.4
7
ON SEMICONDUCTOR CORPORATION
RECONCILIATION OF GAAP VERSUS NON-GAAP DISCLOSURES
(in millions, except per share and percentage data)
Quarters Ended
Nine Months Ended
October 3,
2025
July 4, 2025
September 27,
2024
October 3,
2025
September 27,
2024
Reconciliation of GAAP to non-GAAP gross profit:
GAAP gross profit
$
587.2
$
551.9
$
799.4
$
1,432.9
$
2,437.0
Special items:
a)
Restructuring-related inventory and other charges
—
(1.9
)
—
281.5
—
b)
Amortization of intangible assets
1.2
1.3
1.6
3.8
4.7
c)
Amortization of fair market value step-up of inventory
0.6
1.2
—
1.8
—
Total special items
1.8
0.6
1.6
287.1
4.7
Non-GAAP gross profit
$
589.0
$
552.5
$
801.0
$
1,720.0
$
2,441.7
Reconciliation of GAAP to non-GAAP gross margin:
GAAP gross margin
37.9
%
37.6
%
45.4
%
32.1
%
45.5
%
Special items:
a)
Restructuring-related inventory and other charges
—
%
(0.1
)%
—
%
6.3
%
—
%
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
0.1
%
0.1
%
0.1
%
6.4
%
0.1
%
Non-GAAP gross margin
38.0
%
37.6
%
45.5
%
38.5
%
45.6
%
Reconciliation of GAAP to non-GAAP operating expenses:
GAAP operating expenses
$
322.8
$
358.5
$
354.0
$
1,548.8
$
1,077.9
Special items:
a)
Amortization of intangible assets
(11.2
)
(11.0
)
(13.0
)
(33.6
)
(38.5
)
b)
Restructuring, asset impairments and other charges, net
(19.6
)
(49.2
)
(29.1
)
(608.1
)
(103.0
)
c)
Third-party acquisition and divestiture-related costs
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.