$ON

ON SEMICONDUCTOR CORP

CIK:0001097864|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 03, 2026	Jul. 04, 2025	Jul. 03, 2026	Jul. 04, 2025
Income Statement [Abstract]
Revenue	$ 1,603.5	$ 1,468.7	$ 3,116.8	$ 2,914.4
Cost of revenue	987.2	916.8	1,917.4	2,068.7
Gross profit	616.3	551.9	1,199.4	845.7
Operating expenses:
Research and development	140.8	143.8	285.1	307.9
Selling and marketing	63.3	63.3	126.3	131.6
General and administrative	101.9	91.2	191.3	175.6
Amortization of intangible assets	10.5	11.0	21.0	22.4
Restructuring, asset impairments and other, net	41.2	49.2	370.5	588.5
Total operating expenses	357.7	358.5	994.2	1,226.0
Operating income (loss)	258.6	193.4	205.2	(380.3)
Other income (expense), net:
Interest expense	(13.7)	(17.9)	(26.4)	(35.9)
Interest income	17.4	25.2	35.1	51.8
Other income	8.6	1.5	12.4	5.6
Other income (expense), net	12.3	8.8	21.1	21.5
Income (loss) before income taxes	270.9	202.2	226.3	(358.8)
Income tax (provision) benefit	(43.4)	(30.5)	(31.7)	45.3
Net income (loss)	227.5	171.7	194.6	(313.5)
Less: Net income attributable to non-controlling interest	(0.7)	(1.4)	(1.2)	(2.3)
Net income (loss) attributable to ON Semiconductor Corporation	$ 226.8	$ 170.3	$ 193.4	$ (315.8)
Net income (loss) per share of common stock attributable to ON Semiconductor Corporation:
Basic (in dollars per share)	$ 0.58	$ 0.41	$ 0.49	$ (0.76)
Diluted (in dollars per share)	$ 0.56	$ 0.41	$ 0.48	$ (0.76)
Weighted-average shares of common stock outstanding:
Basic (in shares)	390.3	414.6	392.2	418.0
Diluted (in shares)	404.4	414.9	401.5	418.0
Comprehensive income (loss), net of tax:
Net income (loss)	$ 227.5	$ 171.7	$ 194.6	$ (313.5)
Foreign currency translation adjustments	(0.9)	1.4	(1.2)	2.8
Effects of cash flow hedges and other adjustments	(4.5)	4.7	(10.4)	9.2
Other comprehensive income (loss), net of tax	(5.4)	6.1	(11.6)	12.0
Comprehensive income (loss)	222.1	177.8	183.0	(301.5)
Comprehensive income attributable to non-controlling interest	(0.7)	(1.4)	(1.2)	(2.3)
Comprehensive income (loss) attributable to ON Semiconductor Corporation	$ 221.4	$ 176.4	$ 181.8	$ (303.8)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jul. 03, 2026	Jul. 04, 2025
Cash flows from operating activities:
Net income (loss)	$ 194.6	$ (313.5)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	428.0	324.6
Gain on sale or disposal of fixed assets	(1.4)	(5.8)
Amortization of debt discount and issuance costs	6.7	5.7
Share-based compensation	74.7	68.3
Non-cash asset impairment charges	163.3	472.1
Change in deferred tax balances	(10.1)	(32.2)
Other	(0.3)	4.3
Changes in assets and liabilities (exclusive of acquisitions):
Receivables	(11.2)	185.9
Inventories	(58.1)	175.7
Other assets	(49.6)	(104.2)
Accounts payable	(58.3)	40.7
Accrued expenses and other current liabilities	57.4	5.7
Other long-term liabilities	(36.9)	(40.7)
Net cash provided by operating activities	698.8	786.6
Cash flows from investing activities:
Payments for acquisition of property, plant and equipment	(56.2)	(225.8)
Proceeds from sale of property, plant and equipment	8.6	6.7
Purchase of short-term investments	(650.0)	(550.0)
Proceeds from the maturity of short-term investments	700.0	550.0
Payments for acquisition of a business, net of cash acquired	(13.0)	(117.5)
Other	1.2	0.0
Net cash used in investing activities	(9.4)	(336.6)
Cash flows from financing activities:
Proceeds for the issuance of common stock under the ESPP	12.0	10.6
Payment of tax withholding for RSUs	(45.5)	(25.1)
Repurchase of common stock	(690.5)	(602.4)
Issuance and borrowings under debt agreements	1,473.7	0.0
Reimbursement of debt issuance and other financing costs	3.4	0.0
Payment of debt issuance and other financing costs	(4.2)	0.0
Payment for purchase of bond hedges	(351.6)	0.0
Proceeds from issuance of warrants	281.0	0.0
Payment of financing lease obligations	(0.2)	(0.8)
Net cash provided by (used in) financing activities	678.1	(617.7)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(0.6)	3.9
Net increase (decrease) in cash, cash equivalents and restricted cash	1,366.9	(163.8)
Cash, cash equivalents and restricted cash, beginning of period	2,149.0	2,693.4
Cash, cash equivalents and restricted cash, end of period	$ 3,515.9	$ 2,529.6

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jul. 03, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 3,514.5	$ 2,147.6
Short-term investments	350.0	400.0
Receivables, net	897.2	908.0
Inventories	2,047.5	1,989.6
Assets held-for-sale	31.4	25.0
Other current assets	441.2	352.9
Total current assets	7,281.8	5,823.1
Property, plant and equipment, net	2,924.9	3,369.0
Goodwill	1,687.6	1,679.9
Intangible assets, net	329.4	343.9
Deferred tax assets	1,014.3	929.1
ROU financing lease assets	0.0	23.1
Other assets	247.1	356.0
Total assets	13,485.1	12,524.1
Liabilities and Stockholders’ Equity
Accounts payable	498.3	572.3
Accrued expenses and other current liabilities	801.0	714.9
Current portion of financing lease liabilities	0.5	0.5
Current portion of long-term debt	802.1	0.0
Total current liabilities	2,101.9	1,287.7
Long-term debt	3,657.3	2,980.5
Deferred tax liabilities	46.8	41.7
Long-term financing lease liabilities	22.8	23.8
Other long-term liabilities	417.8	498.5
Total liabilities	6,246.6	4,832.2
Commitments and contingencies (Note 10)
ON Semiconductor Corporation stockholders’ equity:
Common stock ($0.01 par value, 1,250,000,000 shares authorized, 626,960,841 and 624,962,201 issued, 389,290,999 and 396,740,551 outstanding, respectively)	6.3	6.2
Additional paid-in capital	5,632.8	5,538.6
Accumulated other comprehensive loss	(67.1)	(55.5)
Accumulated earnings	8,435.3	8,241.9
Less: Treasury stock, at cost: 237,669,842 and 228,221,650 shares, respectively	(6,788.6)	(6,057.9)
Total ON Semiconductor Corporation stockholders’ equity	7,218.7	7,673.3
Non-controlling interest	19.8	18.6
Total stockholders’ equity	7,238.5	7,691.9
Total liabilities and stockholders’ equity	$ 13,485.1	$ 12,524.1