ON Semiconductor stock: Q3 revenue rises 11% as AI demand accelerates

On November 2, 2026, onsemi reported third-quarter revenue of USD 1.722 billion, up 11 percent from a year earlier. In its earnings release, the semiconductor maker said GAAP diluted earnings per share reached USD 0.79, while the non-GAAP figure was USD 0.90.

The company said revenue, gross margin and earnings per share exceeded the midpoint of its prior guidance. GAAP gross margin rose to 41.4 percent from 37.9 percent a year earlier, while non-GAAP gross margin reached 41.2 percent. Operating cash flow increased 23 percent to USD 516.4 million, and free cash flow rose to USD 488.6 million.

AI power demand drives growth

AI data-center revenue grew 39 percent sequentially and 175 percent year over year to USD 180 million. Onsemi expects roughly USD 620 million of AI data-center revenue for 2026 and said the business remains a key driver as customers increase power capacity.

Industrial revenue rose 9 percent year over year to USD 467 million. Automotive revenue was USD 777 million, down 1 percent both sequentially and year over year, showing the uneven recovery across end markets.

For the fourth quarter, onsemi expects revenue between USD 1.715 billion and USD 1.815 billion. Its non-GAAP outlook calls for gross margin of 41.5 percent to 43.5 percent and diluted earnings per share of USD 0.95 to USD 1.07. The company also announced an agreement to acquire Ferric and revised terms for its planned Synaptics acquisition.

The real-time quote of ON Semiconductor stock was 63.67 euros on Lang & Schwarz at 11:00 p.m. Berlin time on Wednesday, November 4, 2026.

Power and sensing specialist

Onsemi develops intelligent power and sensing technologies for automotive, industrial and AI data-center applications, including MOSFETs, image sensors and silicon carbide products. The company is headquartered in Scottsdale, Arizona, and serves customers through a global manufacturing and design network. Compared with broader semiconductor peers such as Infineon Technologies, NXP Semiconductors and STMicroelectronics, onsemi is more concentrated on power, sensing and automotive applications.

US equity markets remain the relevant backdrop for ON Semiconductor as investors assess semiconductor demand and the pace of AI infrastructure spending through the S&P 500 market environment.

Further earnings updates and analysis are available in more news and analyses on ON Semiconductor stock.