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On Semiconductor Annual Report, Year Ended Dec 31, 2025

Filing Date
Filed February 9, 2026
Period End
December 31, 2025
Security
ON
In the record · 2016–202610-K1110-Q338-K162

ON filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 162 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Feb ’19Feb ’19
  2. Leadership change8-K · Mar ’21Mar ’21
  3. Material agreement8-K · Mar ’23Mar ’23
  4. Impairment8-K · Mar ’25Mar ’25

01—Abstract

Summary

Summary of the 10-K filed February 9, 2026. Cited figures are marked; the original filing is the authoritative source.

ON Semiconductor Corporation (ON), which operates under the onsemi brand, reported 2025 revenue of $5,995.4 milliona, down 15.3% from $7,082.3 million in 2024.

Net income attributable to ON Semiconductor Corporation fell to $121.0 millionb from $1,572.8 million, and operating income dropped to $84.2 million from $1,767.7 million. Gross margin declined to 33.1% from 45.4%, driven by lower sales volumes in automotive and industrial end-markets, underutilization of manufacturing facilities, and charges from the 2025 Manufacturing Realignment Program, including $496.0 million of asset impairments, $268.2 million of excess and obsolete inventory charges, and $67.1 million of severance costs tied to approximately 2,400 employees. Restructuring, asset impairments and other charges, net totaled $666.9 million.

Cash flow from operations was $1,759.8 millionc, compared with $1,906.4 million in 2024. The company repurchased approximately 27.9 million shares for about $1,375.0 million under its prior program, repaid $375.0 million on its Revolving Credit Facility, and ended 2025 with cash and cash equivalents of $2,147.6 million and short-term investments of $400.0 million. Gross long-term debt was $3,004.9 million at year-end.

In November 2025 the Board approved a new repurchase program of up to $6.0 billiond covering 2026 through 2028, under which the company had acquired 2.9 million shares for $175.6 million through February 4, 2026. Capital expenditures were $341.2 million in 2025 and the company expects them to be about 5% of revenue in 2026. By segment, Power Solutions Group (PSG) revenue was $2,805.1 million with gross margin of 24.5%, Analog and Mixed-Signal Group (AMG) revenue was $2,261.9 million with gross margin of 51.1%, and Intelligent Sensing Group (ISG) revenue was $928.4 million with gross margin of 15.1%.

Automotive represented 51% of 2025 revenue and industrial 28%. Remaining performance obligations under long-term supply agreements were approximately $7.1 billion, with approximately 34% expected to be recognized over the next 12 months.

02—Key points

Key Highlights

  1. Revenue fell 15.3% to $5,995.4 million, with lower sales volumes across all three segments.
  2. Gross margin declined to 33.1% from 45.4%, reflecting $268.2 million of excess and obsolete inventory charges and the write-off of consumables and manufacturing supplies tied to the 2025 Manufacturing Realignment Program.
  3. Net income attributable to ON Semiconductor Corporation was $121.0 million, versus $1,572.8 million in 2024; diluted EPS was $0.29 versus $3.63.
  4. Restructuring, asset impairments and other charges, net were $666.9 million, including $496.0 million of asset impairments on manufacturing equipment held for sale.
  5. Operating cash flow was $1,759.8 million, and year-end cash and short-term investments totaled $2,547.6 million against $3,004.9 million of gross debt.
  6. A new $6.0 billion share repurchase program covering 2026 through 2028 was approved in November 2025; $175.6 million had been used through February 4, 2026.
  7. Automotive (51%) and industrial (28%) end-markets make up most revenue, and the filing flags their cyclicality and the AI data center power business as key factors for future growth.

03—One dollar

Follow one dollar

For each $1.00 of revenue in FY2025, On Semiconductor lost $0.01.

  1. Revenue$4.47B100.0%
  2. Cost of revenue−$3.03B67.9%
  3. Gross profit$1.43B32.1%
  4. Operating costs−$1.55B34.7%
  5. Operating income−$115.9M2.6%
  6. Interest, other & tax$55.1M1.2%
  7. Net income−$60.8M1.4%
Computed from 10-KFY2025filed February 9, 2026Computed from this filing’s revenue, gross profit, operating income and net income · right columngrey figure: share of revenue

04—Financials

Financial Highlights

Figures from 10-KFY2025filed February 9, 2026
Revenue$4.47B32.1% Gross MarginNet Income-$60.80M-1.4% Net MarginEPS (Diluted)$-0.15Total Assets$12.52BCash & Equivalents$2.15BFree Cash Flow$933.20M

Financial Statements

FY2025 against FY2024

Line itemFY2025FY2024Change
Revenue$4.47B$7.08B−37.0%
Cost of Revenue$3.03B$3.87B−21.6%
Gross Profit$1.43B$3.22B−55.4%
Operating Expenses$1.55B$1.45B+6.9%
Operating Income-$115.90M$1.77B−106.6%
Net Income-$60.80M$1.57B−103.9%
EPS (Basic)$-0.15$3.68−104.1%
EPS (Diluted)$-0.15$3.63−104.1%
Shares Outstanding (Basic)414.30M427.40M−3.1%
Shares Outstanding (Diluted)414.30M432.70M−4.3%

05—Questions

Frequently Asked Questions

  1. Why did ON Semiconductor's profitability fall so sharply in 2025?

    Revenue declined $1,086.9 million, and gross profit fell $1,232.2 million to $1,983.9 million. The decline reflected lower sales volumes, underutilized factories, and $268.2 million of excess and obsolete inventory charges tied to the 2025 Manufacturing Realignment Program. Restructuring, asset impairments and other charges rose to $666.9 million, leaving operating income at $84.2 million.

  2. How much cash and debt does the company have?

    At December 31, 2025, cash and cash equivalents were $2,147.6 million and short-term investments were $400.0 million. Gross long-term debt was $3,004.9 million, including $1,500.0 million of 0.50% Notes due 2029, $804.9 million of 0% Notes due 2027, and $700.0 million of 3.875% Notes due 2028. About $1.5 billion was available under the Revolving Credit Facility.

  3. What is the company's capital return plan?

    In 2025 the company repurchased about 27.9 million shares for approximately $1,375.0 million under its prior program. In November 2025 the Board approved a new program of up to $6.0 billion, running from January 1, 2026 through December 31, 2028, under which 2.9 million shares were bought for $175.6 million through February 4, 2026. The company has not paid cash dividends since its IPO, and its credit agreement limits dividends and buybacks.

  4. Which segments are driving results and what does the company expect for capital spending?

    PSG generated $2,805.1 million of revenue with a 24.5% gross margin, AMG $2,261.9 million with 51.1%, and ISG $928.4 million with 15.1%. ISG's margin was most affected by inventory charges. The company expects 2026 capital expenditures of about 5% of revenue, down from roughly 6% in 2025, and says it is positioning PSG to address AI data center power demand.

06—Continue

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