ON Semiconductor stock reports 9 percent Q2 revenue growth

Published on 09/23/2026 at 21:27 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

ON Semiconductor stock posted adjusted EPS of USD 0.74 in Q2 2026 after a 40 percent annual increase. Q3 guidance spans USD 1.65 billion to USD 1.75 billion.

Techniker im Reinraumanzug handhabt einen Silizium-Wafer in einer modernen Halbleiterfabrik — ON Semiconductor US6821891035 zeigt fotorealistische Wafer-Handhabung im Reinraum einer Halbleiterfabrik mit Schutzausrüstung, Illustration mit AI erstellt.

ON Semiconductor (ISIN US6821891057) was trading at USD 74.24 on Nasdaq on September 23, 2026, up 0.87 percent. The company reported Q2 2026 revenue of USD 1.6 billion, up 9 percent year over year, according to Barchart. The combination of improving revenue and a still modest daily move makes operating results more informative than the session change.

Q2 growth reaches power products

Adjusted EPS reached USD 0.74 in the second quarter of 2026, up 40 percent from a year earlier, according to Barchart. The Power Solutions Group generated USD 829 million of revenue, up 19 percent year over year, while Analog and Mixed Signal revenue slipped 2 percent to USD 546 million.

Factory utilization rose from 77 percent in the prior quarter to 83 percent in Q2 2026. That six-point improvement matters because it can lift operating leverage when demand improves, although the business still depends on a broad recovery across automotive and industrial customers.

Q3 guidance sets the next test

For Q3 2026, management guided to revenue of USD 1.65 billion to USD 1.75 billion and adjusted EPS of USD 0.81 to USD 0.93, as reported by Barchart. The revenue midpoint of USD 1.70 billion is 6.0 percent above Q2 revenue of USD 1.6 billion, creating a clear numerical checkpoint for the next report.

AI data-center revenue is expected to more than double by the end of 2026, while silicon-carbide revenue tied to AI data centers is expected to rise more than 60 percent year over year. The strategy therefore places greater weight on power infrastructure than on a simple semiconductor cycle rebound.

Analyst targets remain above price

At ON Semiconductor's September 16, 2026 analyst day, management highlighted its Embedded Power Platform for AI infrastructure and electric vehicles. The platform addresses a stated USD 213 billion market opportunity, according to MarketScreener.

Analyst actions remained mixed after the event. Stifel cut its target from USD 90 to USD 75, while Mizuho reduced its target from USD 110 to USD 95, according to MarketScreener. The gap between execution in Q3 and longer-term AI demand is the central valuation question.

Stock trades below yearly high

ON Semiconductor was trading at USD 74.24 on Nasdaq on September 23, 2026 at 3:26 p.m. ET, up USD 0.64 or 0.87 percent. Its 52-week range was USD 44.56 to USD 134.92, while market capitalization stood at USD 28,902,522,880 on the same date.