HighGravityDataOnsemi — May 4, 2026 release
Fiscal 2026 first-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001140361-26-018868
Showing in the filing
Gross Margin (Special Items)
“0.1%”
Period
Q2 FY2026
Measure
GAAP-tied
Source
Guidance table
All guidance in this release · 15
Revenue for Q2 FY2026
“$1,535 to $1,635 million”
Revenue (Total onsemi Non-GAAP) for Q2 FY2026
“$1,535 to $1,635 million”
Gross Margin (Total onsemi GAAP) for Q2 FY2026
“37.9% to 39.9%”
Gross Margin (Total onsemi Non-GAAP) for Q2 FY2026
“38.0% to 40.0%”
Operating Expenses (Total onsemi GAAP) for Q2 FY2026
“$302 to $317 million”
Operating Expenses (Special Items) for Q2 FY2026
“$15 million”
Operating Expenses (Total onsemi Non-GAAP) for Q2 FY2026
“$287 to $302 million”
Other Income and Expense (including interest… for Q2 FY2026
“($6 million)”
Diluted Earnings Per Share (Total onsemi GAAP) for Q2 FY2026
“$0.60 to $0.72”
Diluted Earnings Per Share (Special Items) for Q2 FY2026
“$0.05”
Diluted Earnings Per Share (Total onsemi Non… for Q2 FY2026
“$0.65 to $0.77”
Diluted Shares Outstanding (Total onsemi GAAP) for Q2 FY2026
“401 million”
Diluted Shares Outstanding (Special Items) for Q2 FY2026
“7 million”
Diluted Shares Outstanding (Total onsemi Non… for Q2 FY2026
“394 million”
Gross Margin (Special Items) for Q2 FY2026
“0.1%”
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)
Quarters Ended
April 3, 2026
December 31,
2025
April 4, 2025
Revenue
$
1,513.3
$
1,530.1
$
1,445.7
Cost of revenue
930.2
979.1
1,151.9
Gross profit
583.1
551.0
293.8
Gross margin
38.5
%
36.0
%
20.3
%
Operating expenses:
Research and development
144.3
133.8
164.1
Selling and marketing
63.0
61.5
68.3
General and administrative
89.4
86.0
84.4
Amortization of intangible assets
10.5
10.8
11.4
Restructuring, asset impairments and other, net
329.3
58.8
539.3
Total operating expenses
636.5
350.9
867.5
Operating income (loss)
(53.4
)
200.1
(573.7
)
Other income (expense), net:
Interest expense
(12.7
)
(17.3
)
(18.0
)
Interest income
17.7
20.6
26.6
Other income
3.8
13.7
4.1
Other income (expense), net
8.8
17.0
12.7
Income (loss) before income taxes
(44.6
)
217.1
(561.0
)
Income tax (provision) benefit
11.7
(35.3
)
75.8
Net income (loss)
(32.9
)
181.8
(485.2
)
Less: Net income attributable to non-controlling interest
(0.5
)
—
(0.9
)
Net income (loss) attributable to ON Semiconductor Corporation
$
(33.4
)
$
181.8
$
(486.1
)
Net income (loss) per share of common stock attributable to ON Semiconductor Corporation:
Basic
$
(0.08
)
$
0.45
$
(1.15
)
Diluted
$
(0.08
)
$
0.45
$
(1.15
)
Weighted average common shares outstanding:
Basic
394.1
400.8
421.3
Diluted
394.1
402.3
421.3
5
ON SEMICONDUCTOR CORPORATION
UNAUDITED CONSOLIDATED BALANCE SHEETS
(in millions)
April 3, 2026
December 31,
2025
April 4, 2025
Assets
Cash and cash equivalents
$
2,003.6
$
2,147.6
$
2,762.5
Short-term investments
400.0
400.0
250.0
Receivables, net
862.8
908.0
825.0
Inventories
2,049.2
1,989.6
2,078.2
Assets held-for-sale
40.4
25.0
45.7
Other current assets
419.6
352.9
365.1
Total current assets
5,775.6
5,823.1
6,326.5
Property, plant and equipment, net
3,035.6
3,369.0
3,840.5
Goodwill
1,679.9
1,679.9
1,641.6
Intangible assets, net
332.2
343.9
309.2
Deferred tax assets
933.2
929.1
745.5
ROU financing lease assets
—
23.1
39.9
Other assets
254.3
356.0
350.7
Total assets
$
12,010.8
$
12,524.1
$
13,253.9
Liabilities and Stockholders’ Equity
Accounts payable
$
486.1
$
572.3
$
496.6
Accrued expenses and other current liabilities
698.7
714.9
781.3
Current portion of financing lease liabilities
0.5
0.5
0.4
Total current liabilities
1,185.3
1,287.7
1,278.3
Long-term debt
2,982.9
2,980.5
3,348.3
Deferred tax liabilities
46.5
41.7
45.6
Long-term financing lease liabilities
23.1
23.8
21.6
Other long-term liabilities
452.2
498.5
511.2
Total liabilities
4,690.0
4,832.2
5,205.0
ON Semiconductor Corporation stockholders’ equity:
Common stock
6.3
6.2
6.2
Additional paid-in capital
5,582.5
5,538.6
5,411.4
Accumulated other comprehensive loss
(61.7
)
(55.5
)
(56.5
)
Accumulated earnings
8,208.5
8,241.9
7,634.8
Less: Treasury stock, at cost
(6,433.9
)
(6,057.9
)
(4,966.0
)
Total ON Semiconductor Corporation stockholders’ equity
7,301.7
7,673.3
8,029.9
Non-controlling interest
19.1
18.6
19.0
Total stockholders’ equity
7,320.8
7,691.9
8,048.9
Total liabilities and stockholders’ equity
$
12,010.8
$
12,524.1
$
13,253.9
6
ON SEMICONDUCTOR CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Quarters Ended
April 3, 2026
December 31,
2025
April 4, 2025
Cash flows from operating activities:
Net income (loss)
$
(32.9
)
$
181.8
$
(485.2
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
286.7
214.9
168.2
(Gain) loss on sale and disposal of fixed assets
(1.1
)
7.9
0.2
Amortization of debt discount and issuance costs
2.9
2.8
2.9
Share-based compensation
37.3
37.8
33.9
Non-cash asset impairment charges
147.0
8.1
431.5
Change in deferred tax balances
2.7
(80.6
)
(13.7
)
Other
(2.2
)
(2.8
)
1.6
Changes in assets and liabilities
(201.3
)
184.6
462.9
Net cash provided by operating activities
239.1
554.5
602.3
Cash flows from investing activities:
Payments for acquisition of property, plant, and equipment
(21.9
)
(69.1
)
(147.6
)
Proceeds from sale of property, plant and equipment
1.0
25.4
0.2
Purchase of short-term investments
(300.0
)
(250.0
)
(250.0
)
Proceeds from the maturity of short-term investments
300.0
250.0
300.0
Payments for acquisition of a business, net of cash acquired
—
(7.0
)
(117.5
)
Other
4.2
—
—
Net cash used in investing activities
(16.7
)
(50.7
)
(214.9
)
Cash flows from financing activities:
Proceeds for the issuance of common stock under the ESPP
6.7
5.5
5.3
Payment of tax withholding for RSUs
(26.9
)
(1.6
)
(22.4
)
Repurchase of common stock
(345.7
)
(450.2
)
(300.1
)
Repayment of borrowings under debt agreements
—
(375.0
)
—
Payment of finance lease obligations
(0.1
)
(0.5
)
(0.4
)
Other
—
(2.1
)
—
Net cash used in financing activities
(366.0
)
(823.9
)
(317.6
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(0.3
)
(4.9
)
2.0
Net increase (decrease) in cash, cash equivalents and restricted cash
(143.9
)
(325.0
)
71.8
Beginning cash, cash equivalents and restricted cash
2,149.0
2,474.0
2,693.4
Ending cash, cash equivalents and restricted cash
$
2,005.1
$
2,149.0
$
2,765.2
7
ON SEMICONDUCTOR CORPORATION
RECONCILIATION OF GAAP VERSUS NON-GAAP DISCLOSURES
(in millions, except per share and percentage data)
Quarters Ended
April 3, 2026
December 31,
2025
April 4, 2025
Reconciliation of GAAP to non-GAAP gross profit:
GAAP gross profit
$
583.1
$
551.0
$
293.8
Special items:
a
)
Restructuring-related inventory and other charges
(1.0
)
32.1
283.4
b
)
Amortization of intangible assets
1.2
1.2
1.3
c
)
Amortization of fair market value step-up of inventory
—
0.6
—
Total special items
0.2
33.9
284.7
Non-GAAP gross profit
$
583.3
$
584.9
$
578.5
Reconciliation of GAAP to non-GAAP gross margin:
GAAP gross margin
38.5
%
36.0
%
20.3
%
Special items:
a
)
Restructuring-related inventory and other charges
(0.1
)%
2.1
%
19.6
%
b
)
Amortization of intangible assets
0.1
%
0.1
%
0.1
%
Total special items
—
%
2.2
%
19.7
%
Non-GAAP gross margin
38.5
%
38.2
%
40.0
%
Reconciliation of GAAP to non-GAAP operating expenses:
GAAP operating expenses
$
636.5
$
350.9
$
867.5
Special items:
a
)
Amortization of intangible assets
(10.5
)
(10.8
)
(11.4
)
b
)
Restructuring, asset impairments and other charges, net
(329.3
)
(58.8
)
(539.3
)
c
)
Third-party acquisition and divestiture-related costs
(1.4
)
(0.6
)
(2.3
)
d
)
Adjustments to contingent consideration
(1.6
)
1.3
—
Total spec
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.