ON Semiconductor earnings: third quarter 2026

ON Semiconductor's sales rose 11% from a year earlier in the third quarter of 2026, and profit rose much faster because costs grew far more slowly than sales. Its earnings per share on the company's adjusted measure were up 43%, and the cash left over jumped. For the fourth quarter it expects sales a little above this quarter. ¹

Against what analysts expected

On the company's adjusted measure, earnings per share of $0.90 came in above the $0.88 analysts had expected on average (Nasdaq's earnings calendar); on the main accounting measure the figure was $0.79, below it, so the comparison depends on which measure you use. ¹²

The strong points

• Earnings per share on the company's adjusted measure rose 43% from a year ago, about four times as fast as sales. ¹
• The profit from running the business rose to 22.0% of sales on the company's main measure, up almost six points from the previous quarter. ¹
• Free cash flow, the cash left after running the business and investing in it, was $489 million, more than in any of the previous four quarters. ¹

The weak points

• Part of that cash strength comes from spending far less on equipment and buildings, just $27.8 million this quarter. ¹
• Net income, the profit after everything, rose only 23% because the tax bill jumped to $84.9 million. ¹
• The planned purchase of Synaptics is now to be paid in cash, about $5.7 billion. ¹

What the company expects

• For the fourth quarter the company expects sales of $1,715 million to $1,815 million; it gave no earlier forecast for that quarter, so this is neither a raise nor a cut. ¹
• It expects fourth-quarter earnings per share of $0.95 to $1.07 on its adjusted measure, with running costs held level. ¹

Our verdict on the quarter

A strong report. Sales grew, profit grew much faster and adjusted earnings per share came in above what analysts expected, though part of the cash strength comes from investing less and there is no earlier fourth-quarter forecast to show whether the outlook moved.

The results as published

• The results release itself
• The filing it came with (SEC)
• The previous results, for what it forecast then

Notes

1. ON Semiconductor's results release, 2 November 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 2 November 2026. ↩