ON Semiconductor Corp. reports developments tied to onsemi's intelligent power and sensing technologies for automotive, industrial and AI data center end markets. Recurring updates include earnings releases, margin and cash-flow commentary, share repurchases, capital-structure actions, and strategy presentations.
Company news also covers design wins and customer collaborations involving EliteSiC power technology, FS7 insulated-gate bipolar transistor products, hybrid power integrated modules, electric-vehicle platforms, renewable energy systems, solar inverters and energy storage applications.
ON Semiconductor (ON) and four chip and storage peers fell as semiconductor stocks declined despite recently reported quarterly revenue growth. At 10:18 a.m. ET on November 5, the PHLX Semiconductor Index fell 8.05% to 9,442.47, about 35% below its highest close of the past 52 weeks but roughly 33% above its 2025 close.
ON reported third-quarter revenue of $1,722 million, up 11% year-over-year, and guided fourth-quarter revenue to $1,715 million–$1,815 million. AMD (AMD) reported third-quarter revenue of $13.4 billion, up 45%; Arm (ARM) reported fiscal second-quarter revenue of $1,443 million, up 27%. Seagate (STX) reported fiscal first-quarter revenue of $4,233 million versus $2,629 million a year earlier. Tower Semiconductor (TSEM) reported third-quarter revenue of $526 million, up 33%. All five reports preceded the session and do not address its selloff.
onsemi (ON) reported third-quarter 2026 revenue growth of 11% year over year, alongside higher earnings and expanded GAAP margins.
Revenue reached $1,722.3 million. GAAP diluted earnings per share rose to $0.79 from $0.63 a year earlier, while net income attributable to onsemi increased to $313.9 million from $255.0 million. GAAP gross margin reached 41.4%, versus 37.9%, and operating margin increased to 22.0% from 17.0%. Operating cash flow rose 23% to $516 million; free cash flow grew 31% to $489 million.
For the fourth quarter, onsemi projects revenue of $1,715–$1,815 million and GAAP diluted earnings per share of $0.88–$1.00. It announced an agreement to acquire Ferric and raised its 2030 AI data center revenue target to greater than $3 billion. Revised terms for the planned Synaptics acquisition call for approximately $5.7 billion in cash, replacing $7 billion in stock.
onsemi (ON) agreed to acquire Ferric for $600 million in cash, adding integrated voltage regulator technology for AI processors. The agreement also provides up to $175 million in additional cash consideration tied to revenue milestones. Funding will come from cash on hand, with closing expected by the end of 2026, subject to customary closing conditions.
onsemi raised its 2030 AI data center revenue target by $500 million to greater than $3 billion and expects accelerated growth in its integrated voltage regulator business thereafter. These regulators integrate power conversion into the processor package or substrate. Approximately 50 Ferric employees are expected to join onsemi. The company expects the acquisition to enhance long-term revenue growth, gross-margin and earnings-per-share targets at scale, with no meaningful near-term financial impact.
onsemi (ON) plans to announce its third-quarter financial results after market close on November 2, 2026. The quarter ended October 2, 2026. A conference call will follow at 5 p.m. Eastern Time on November 2, with a live webcast available through the company’s Investor Relations website. A replay will be available approximately one hour after the broadcast and remain accessible for 30 days.
onsemi (ON) announced that Sungrow has adopted its EliteSiC hybrid power module technology for the PowerTitan 3.0 energy storage platform. The modules use silicon carbide, a semiconductor material, for power conversion in utility-scale battery storage. Compared with the previous-generation platform, the new architecture improves inverter-level efficiency by 0.4% and supports power conversion units rated up to 450 kW.
onsemi estimates that the module’s efficiency improvement could save more than 475 MWh annually in a 100 MW battery storage installation compared with the previous-generation module.
Gentherm (NASDAQ: THRM) has completed its combination with Modine’s Performance Technologies business, which will operate as a Gentherm division. The transaction used a Reverse Morris Trust structure: Modine spun off the business into a subsidiary that then merged with a Gentherm subsidiary. Former Gentherm holders own approximately 56.38% of the combined company, and Modine shareholders own approximately 43.62%, excluding overlapping ownership.
Gentherm acquired the Modine brand, domains and trademarks and will go to market as Modine. Its board declared a $2.07-per-share special dividend, payable October 7, 2026, to Gentherm holders of record September 28, 2026. Bill Presley and Jon Douyard remain CEO and CFO; Katrin Schatz becomes interim president of the acquired division. Paul Mascarenas joined the board at closing, increasing it to 10 members.
onsemi (ON) amended its merger agreement to acquire Synaptics (SYNA) for approximately $5.7 billion in an all-cash transaction. The revised price is $123 per share, compared with an aggregate value of approximately $7 billion under the prior agreement. The amendment follows an unsolicited competing proposal. Synaptics’ board unanimously supported the amended transaction.
onsemi expects immediate accretion to non-GAAP earnings per share, an adjusted earnings measure. Beyond previously announced $200 million in annual run-rate synergies, it expects additional benefits from revenue synergies and bringing some Synaptics production in-house after the initial 18 months post-close. Cash on hand and committed financing will fund the acquisition. Closing remains expected by mid-2027, subject to Synaptics shareholder and required regulatory approvals. The U.S. Federal Trade Commission has approved the transaction; other jurisdictions are reviewing it.
onsemi (ON) presented a long-term growth strategy on Sept. 16, 2026, centered on solving power constraints across AI, automotive and industrial markets, targeting a $213 billion total addressable market by 2030.
The company plans to leverage common technology platforms across automotive, industrial, AI data center and emerging applications, moving from individual components to higher-value system solutions. This platform-based approach is expected by the company to expand revenue potential, increase R&D leverage and lessen dependence on any single end market.
onsemi highlighted three core platforms: high-voltage technologies spanning silicon, silicon carbide and gallium nitride including its exclusive vertical GaN; the Treo analog/digital/high-voltage “intelligence layer”; and the Embedded Power Platform, which uses the wafer as the package to tightly integrate multiple devices for higher power density. These capabilities are aimed at enabling “physical AI” systems operating at the edge, beyond the data center.
onsemi (ON) announced a strategic technology engagement with Subaru to evaluate onsemi's Embedded Power Platform (EPP) for future electrified-vehicle architectures.
The arrangement gives Subaru early access to EPP engineering samples, simulation models and technical expertise to assess how an integrated power-system approach could improve vehicle efficiency, performance and development simplicity. EPP embeds multiple semiconductor devices directly into a silicon-based wafer-level package to deliver more power in less space, targeting smaller, lighter and more efficient traction inverters and scalable power levels. The initial phase focuses on early engineering evaluation and technical learning, providing onsemi with customer insights to guide further EPP development.
onsemi (ON) launched its Embedded Power Platform (EPP) on September 16, 2026, a new architecture that uses the silicon wafer itself as the package to jointly optimize electrical, mechanical and thermal performance for power systems.
EPP enables integration of silicon, SiC and GaN devices, embedding FETs, drivers and controllers in a single wafer-level package. The company reports that, depending on application, this can deliver approximately 3–5x higher power density, faster development cycles and reduced design complexity. Early examples include an AI solid-state circuit breaker about 50% smaller and 20% cooler than existing designs, and EV traction inverters with up to 4x higher power density and 15% lower power losses versus conventional approaches.