Onsemi — Aug 3, 2026 release

Free cash flow margin expanded from approximately 7% to 27% year-over-year, reflecting the strength of our operating model, and as demand continues to improve, we are increasingly confident in our ability to drive profitable growth and long-term shareholder value.” Business Highlights: • Announced the planned acquisition of Synaptics , expanding capabilities in connected compute at accretive gross margins to support a market expansion while complementing leadership in power and sensing • Expanded role in NVIDIA MGX ecosystem as AI infrastructure power demands accelerate • Secured strategic AI data center platform wins with Great Wall, a leading China cloud infrastructure power supplier, expanding EliteSiC and silicon MOSFETs and controller content • Launched ​ GaNEXUS ​, onsemi's gallium nitride power portfolio spanning 40V to 650V, serving AI data centers, robotics, and industrial infrastructure applications • Extended leadership in automotive zonal architecture and on-board charging with Rivian’s R2 platform with power solutions that enable efficient power distribution and conversion Selected financial results for the quarter are shown below with comparable periods (unaudited):     GAAP     Non-GAAP   (Revenue and Net Income in millions)     Q2 2026       Q1 2026       Q2 2025       Q2 2026       Q1 2026       Q2 2025   Revenue   $ 1,603.5     $ 1,513.3     $ 1,468.7     $ 1,603.5     $ 1,513.3     $ 1,468.7   Gross Margin     38.4 %     38.5 %     37.6 %     39.3 %     38.5 %     37.6 % Operating Margin     16.1 %     (3.5 )%     13.2 %     20.8 %     19.1 %     17.3 % Net Income (loss) attributable to ON Semiconductor Corporation   $ 226.8     $  (33.4 )   $ 170.3     $ 293.8     $ 253.1     $ 221.3   Diluted Earnings (loss) Per Share   $ 0.56     $  (0.08 )   $ 0.41     $ 0.74     $ 0.64     $ 0.53   Revenue Summary (in millions) (Unaudited)     Quarters Ended               Business Segment     Q2 2026       Q1 2026       Q2 2025     Sequential Change     Year-over- Year Change   PSG   $ 829.0     $ 736.6     $ 698.2       13 %     19 % AMG     545.7       540.4       555.9       1 %     (2 )% ISG     228.8       236.3       214.6       (3 )%     7 % Total   $ 1,603.5     $ 1,513.3     $ 1,468.7       6 %     9 % THIRD QUARTER 2026 OUTLOOK The following table outlines onsemi’s projected third quarter of 2026 GAAP and non-GAAP outlook.   Total onsemi GAAP   Special Items **   Total onsemi Non-GAAP*** Revenue $1,650 to $1,750 million   -   $1,650 to $1,750 million Gross Margin 39.9% to 41.9%   0.1%   40.0% to 42.0% Operating Expenses $318 to $333 million   $15 million   $303 to $318 million Other Income and Expense (including interest), net ($18 million)   -   ($18 million) Diluted Earnings Per Share $0.79 to $0.91   $0.02   $0.81 to $0.93 Diluted Shares Outstanding * 402 million   7 million   395 million * Diluted shares outstanding can vary as a result of, among other things, the vesting of restricted stock units, the incremental dilutive shares from the convertible notes, and the repurchase or the issuance of stock or convertible notes or the sale of treasury shares. In periods when the quarterly average stock price per share exceeds $52.97 for the 0% Notes, $103.87 for the 0.50% Notes, and $161.30 for the 2031 0% Notes, the non-GAAP diluted share count and non-GAAP net income per share include the anti-dilutive impact of the hedge transactions entered concurrently with the 0% Notes, the 0.50% Notes, and the 20