HighGravityDataOnsemi — Feb 9, 2026 release
Fiscal 2025 fourth-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001140361-26-004405
Showing in the filing
Gross Margin (Special Items)
“0.1%”
Period
Q1 FY2026
Measure
GAAP-tied
Source
Guidance table
All guidance in this release · 17
Share Repurchase Program Authorization
“up to $6 billion”
Revenue for Q1 FY2026
“$1,435 to $1,535 million”
Revenue (Total onsemi Non-GAAP) for Q1 FY2026
“$1,435 to $1,535 million”
Gross Margin (Total onsemi GAAP) for Q1 FY2026
“37.4% to 39.4%”
Gross Margin (Total onsemi Non-GAAP) for Q1 FY2026
“37.5% to 39.5%”
Operating Expenses (Total onsemi GAAP) for Q1 FY2026
“$407 to $422 million”
Operating Expenses (Special Items) for Q1 FY2026
“$122 million”
Operating Expenses (Total onsemi Non-GAAP) for Q1 FY2026
“$285 to $300 million”
Other Income and Expense (including interest… for Q1 FY2026
“($7 million)”
Diluted Earnings Per Share (Special Items) for Q1 FY2026
“$0.28”
Diluted Earnings Per Share (Total onsemi GAAP) for Q1 FY2026
“$0.28 to $0.38”
Diluted Earnings Per Share (Total onsemi Non… for Q1 FY2026
“$0.56 to $0.66”
Diluted Shares Outstanding (Total onsemi GAAP) for Q1 FY2026
“398 million”
Diluted Shares Outstanding (Special Items) for Q1 FY2026
“1 million”
Diluted Shares Outstanding (Total onsemi Non… for Q1 FY2026
“397 million”
Gross Margin (Special Items) for Q1 FY2026
“0.1%”
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 and percentage data)
Quarter Ended
Year Ended
December 31,
2025
October 3,
2025
December 31,
2024
December 31,
2025
December 31,
2024
Revenue
$
1,530.1
$
1,550.9
$
1,722.5
$
5,995.4
$
7,082.3
Cost of revenue
979.1
963.7
943.4
4,011.5
3,866.2
Gross profit
551.0
587.2
779.1
1,983.9
3,216.1
Gross margin
36.0
%
37.9
%
45.2
%
33.1
%
45.4
%
Operating expenses:
Research and development
133.8
141.9
155.2
583.6
612.7
Selling and marketing
61.5
62.8
70.4
255.9
273.5
General and administrative
86.0
87.3
100.5
348.9
376.3
Amortization of intangible assets
10.8
11.2
13.5
44.4
52.0
Restructuring, asset impairments and other charges, net
58.8
19.6
30.9
666.9
133.9
Total operating expenses
350.9
322.8
370.5
1,899.7
1,448.4
Operating income
200.1
264.4
408.6
84.2
1,767.7
Other income (expense), net:
Interest expense
(17.3
)
(17.7
)
(15.3
)
(70.9
)
(62.3
)
Interest income
20.6
22.7
27.8
95.1
111.4
Other income
13.7
3.6
21.4
22.9
20.6
Other income (expense), net
17.0
8.6
33.9
47.1
69.7
Income before income taxes
217.1
273.0
442.5
131.3
1,837.4
Income tax provision
(35.3
)
(17.7
)
(62.7
)
(7.7
)
(262.8
)
Net income
181.8
255.3
379.8
123.6
1,574.6
Less: Net (income) loss attributable to non-controlling interest
—
(0.3
)
0.1
(2.6
)
(1.8
)
Net income attributable to ON Semiconductor Corporation
$
181.8
$
255.0
$
379.9
$
121.0
$
1,572.8
Net income for diluted earnings per share of common stock
$
181.8
$
255.0
$
379.9
$
121.0
$
1,572.8
Net income per share of common stock attributable to ON Semiconductor Corporation:
Basic
$
0.45
$
0.63
$
0.89
$
0.29
$
3.68
Diluted
$
0.45
$
0.63
$
0.88
$
0.29
$
3.63
Weighted average common shares outstanding:
Basic
400.8
406.9
425.4
411.0
427.4
Diluted
402.3
408.0
429.6
411.8
432.7
5
ON SEMICONDUCTOR CORPORATION
UNAUDITED CONSOLIDATED BALANCE SHEETS
(in millions)
December 31,
2025
October 3,
2025
December 31,
2024
Assets
Cash and cash equivalents
$
2,147.6
$
2,472.5
$
2,691.3
Short-term investments
400.0
400.0
300.0
Receivables, net
908.0
943.4
1,160.1
Inventories
1,989.6
2,047.9
2,242.0
Assets held-for-sale
25.0
70.5
5.3
Other current assets
352.9
396.7
353.3
Total current assets
5,823.1
6,331.0
6,752.0
Property, plant and equipment, net
3,369.0
3,550.6
4,361.4
Goodwill
1,679.9
1,641.6
1,587.9
Intangible assets, net
343.9
289.5
257.9
Deferred tax assets
929.1
837.5
729.9
ROU financing lease assets
23.1
38.7
40.5
Other assets
356.0
321.3
360.2
Total assets
$
12,524.1
$
13,010.2
$
14,089.8
Liabilities, Non-Controlling Interest and Stockholders’ Equity
Accounts payable
$
572.3
$
479.1
$
574.5
Accrued expenses and other current liabilities
714.9
730.8
760.0
Current portion of financing lease liabilities
0.5
0.5
0.3
Total current liabilities
1,287.7
1,210.4
1,334.8
Long-term debt
2,980.5
3,353.1
3,345.9
Deferred tax liabilities
41.7
41.1
37.6
Long-term financing lease liabilities
23.8
23.8
20.7
Other long-term liabilities
498.5
455.7
536.3
Total liabilities
4,832.2
5,084.1
5,275.3
ON Semiconductor Corporation stockholders’ equity:
Common stock
6.2
6.2
6.2
Additional paid-in capital
5,538.6
5,495.3
5,372.2
Accumulated other comprehensive loss
(55.5
)
(54.4
)
(62.4
)
Accumulated earnings
8,241.9
8,060.1
8,120.9
Less: Treasury stock, at cost
(6,057.9
)
(5,601.8
)
(4,640.5
)
Total ON Semiconductor Corporation stockholders’ equity
7,673.3
7,905.4
8,796.4
Non-controlling interest
18.6
20.7
18.1
Total stockholders' equity
7,691.9
7,926.1
8,814.5
Total liabilities and stockholders' equity
$
12,524.1
$
13,010.2
$
14,089.8
6
ON SEMICONDUCTOR CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Quarter Ended
Year Ended
December 31,
2025
October 3,
2025
December 31, 2
024
December 31,
2025
December 31,
2024
Cash flows from operating activities:
Net income
$
181.8
$
255.3
$
379.8
$
123.6
$
1,574.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
214.9
146.5
166.6
686.0
642.9
Loss on sale or disposal of fixed assets
7.9
(1.3
)
0.4
0.8
5.5
Amortization of debt discount and issuance costs
2.8
2.9
1.9
11.4
11.1
Share-based compensation
37.8
38.2
38.1
144.3
136.1
Non-cash asset impairment charges
8.1
15.8
22.1
496.0
37.8
Change in deferred tax balances
(80.6
)
(80.9
)
(7.5
)
(193.7
)
(129.6
)
Other
(2.8
)
(3.1
)
3.0
(1.6
)
10.0
Changes in assets and liabilities
184.6
45.3
(24.7
)
493.0
(382.0
)
Net cash provided by operating activities
554.5
418.7
579.7
1,759.8
1,906.4
Cash flows from investing activities:
Payments for acquisition of property, plant and equipment
(69.1
)
(46.3
)
(157.3
)
(341.2
)
(694.0
)
Proceeds from sale of property, plant and equipment
25.4
0.1
5.6
32.2
6.2
Payments related to acquisition of business
(7.0
)
—
—
(124.5
)
(20.5
)
Purchase of short-term investments
(250.0
)
(250.0
)
(300.0
)
(1,050.0
)
(1,050.0
)
Proceeds from maturity of short-term investments
250.0
150.0
300.0
950.0
750.0
Other
—
(5.0
)
—
(5.0
)
(1.5
)
Net cash used in investing activities
(50.7
)
(151.2
)
(151.7
)
(538.5
)
(1,009.8
)
Cash flows from financing activities:
Proceeds for the issuance of common stock under the ESPP
5.5
6.0
5.6
22.1
25.2
Payment of tax withholding for RSUs
(1.6
)
(2.4
)
(2.7
)
(29.1
)
(51.0
)
Repurchase of common stock
(450.2
)
(325.0
)
(204.1
)
(1,377.6
)
(654.1
)
Repayment of borrowings under debt agreements
(375.0
)
—
—
(375.0
)
—
Payment on principal portion of finance lease obligations
(0.5
)
(0.4
)
(0.4
)
(1.7
)
(2.2
)
Other
(2.1
)
(0.4
)
(1.7
)
(2.5
)
(1.7
)
Net cash used in financing activities
(823.9
)
(322.2
)
(203.3
)
(1,763.8
)
(683.8
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(4.9
)
(0.9
)
(3.7
)
(1.9
)
(4.4
)
Net increase (decrease) in cash, cash equivalents and restricted cash
(325.0
)
(55.6
)
221.0
(544.4
)
208.4
Beginning cash, cash equivalents and restricted cash
2,474.0
2,529.6
2,472.4
2,693.4
2,485.0
Ending cash, cash equivalents and restricted cash
$
2,149.0
$
2,474.0
$
2,693.4
$
2,149.0
$
2,693.4
7
ON SEMICONDUCTOR CORPORATION
RECONCILIATION OF GAAP VERSUS NON-GAAP DISCLOSURES
(in millions, except per share and percentage data)
Quarter Ended
Year Ended
December 31,
2025
October 3,
2025
December 31,
2024
December 31,
2025
December 31,
2024
Reconciliation of GAAP to non-GAAP gross profit:
GAAP gross profit
$
551.0
$
587.2
$
779.1
$
1,983.9
$
3,216.1
Special items:
a)
Restructuring related inventory and other charges
32.1
—
—
313.6
—
b)
Amortization of intangible assets
1.2
1.2
1.6
5.0
6.3
c)
Amortization of fair market value step-up of inventory
0.6
0.6
—
2.4
—
Total special items
33.9
1.8
1.6
321.0
6.3
Non-GAAP gross profit
$
584.9
$
589.0
$
780.7
$
2,304.9
$
3,222.4
Reconciliation of GAAP to non-GAAP gross margin:
GAAP gross margin
36.0
%
37.9
%
45.2
%
33.1
%
45.4
%
Special items:
a)
Restructuring related inventory and other charges
2.1
%
—
%
—
%
5.2
%
—
%
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
—
%
—
%
—
%
—
%
—
%
Total special items
2.2
%
0.1
%
0.1
%
5.3
%
0.1
%
Non-GAAP gross margin
38.2
%
38.0
%
45.3
%
38.4
%
45.5
%
Reconciliation of GAAP to non-GAAP operating expenses:
GAAP operating expenses
$
350.9
$
322.8
$
370.5
$
1,899.7
$
1,448.4
Special items:
a
)
Amortization of intangible assets
(10.8
)
(11.2
)
(13.5
)
(44.4
)
(52.0
)
b
)
Restructuring, asset impairments and other, net
(58.8
)
(19.6
)
(30.9
)
(666.9
)
(133.9
)
c
)
Third party acquisition and divestiture related costs
(0.6
)
(0.8
)
(4.8
)
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.