ON Semi Q1 revenue up 5% YoY; gross margin rebounds 18pp as prior-year charges clear

Filed May 4, 2026 · Period ending April 3, 2026 · Compared to 10-Q May 5, 2025 · ~2 min read

Key Changes

• high

  Gross margin improved 18.2 percentage points to 38.5%, driven primarily by the absence of prior-year $237.7M inventory charges and $43.9M consumables write-off tied to 2025 restructuring. Revenue rose 5% YoY to $1.51B on increased demand across all end-markets.

  MD&A: Gross Margin & Revenue verify on EDGAR →
• high

  Company repaid Revolving Credit Facility on Dec 31, 2025, reducing average gross debt from $3.38B to $3.00B and cutting interest expense by $5.3M. Cash and short-term investments declined $600M to $2.4B, reflecting $348.6M in share repurchases and working capital usage.

  MD&A: Debt & Liquidity verify on EDGAR →
• high

  Operating cash flow fell $363M YoY to $239M despite improved earnings, driven by unfavorable working capital timing. The company notes earnings improvements (lower restructuring charges, better gross margin) did not translate to higher cash generation.

  MD&A: Cash Flow verify on EDGAR →