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ON Semiconductor
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Latest analysis
Updated Nov 2, 2026
ON Semiconductor Q3 2026: AI data center revenue surges 175% YoY to $180M; Ferric acquisition adds IVR capability and lifts 2030 AI data center target 20% to $3B+.
ON Semiconductor's Q3 2026 results mark a structural inflection: AI data center is now the company's fastest-growing segment at $180M in the quarter and $620M expected for full-year 2026 — a 140% YoY increase — with management committing to a further doubling in 2027. The $600M acquisition of Ferric (plus up to $175M in earnouts) extends ON's power-tree position into integrated voltage regulators at the GPU core, raising the 2030 AI data center revenue target from $2.5B to $3B+. Deliberate supply reallocation away from automotive restocking toward AI data center and industrial — where end demand, not inventory build, is driving demand — is the key operational trade-off this cycle, with automotive expected to normalize in Q1 2027.
Tone: bullishRevenue
$6B
ON 10-K · FY 2025
Employees
22,600
Revenue growth YoY
-15.3%
Founded
1992
Profile
ON 10-K Item 1 · Feb 9, 2026ON Semiconductor Corporation (onsemi) designs and sells intelligent power and intelligent sensing semiconductor solutions serving automotive, industrial, and AI data center end-markets. The company operates through three segments — Power Solutions Group (PSG), Analog and Mixed-Signal Group (AMG), and Intelligent Sensing Group (ISG) — with a vertically integrated manufacturing footprint spanning front-end wafer fabrication and back-end assembly across multiple continents. Automotive and industrial together represent approximately 79% of revenue, with the remainder coming from AI data center, computing, consumer and other markets.
Read filing description ↓ Collapse description ↑
We offer intelligent power and intelligent sensing solutions that drive electrification, energy efficiency, safety, and automation in automotive, industrial, and other end-markets, including AI data center. Our intelligent power technologies enable the electrification of drivetrain in the automotive industry to allow for lighter and longer-range electric vehicles and empower efficient fast-charging systems. Our intelligent sensing technologies enable advanced safety applications in automotive through industry leading performance and reliability. We believe the evolution of the automotive industry, with advancements in autonomous driving, ADAS, vehicle electrification, and the increase in electronics content for vehicle platforms is reshaping the boundaries of transportation. Through sensing integration, we believe our intelligent power solutions achieve increased efficiencies compared to our peers. This integration allows lower temperature operation and reduced cooling requirements while saving costs and minimizing weight. In the industrial market, our intelligent power technologies propel sustainable energy for the highest efficiency solar strings and industrial power. In the medical field, our intelligent power technologies extend the life of personal diagnostic devices, such as continuous glucose monitors. Our intelligent sensing technologies support the next generation industry through automation, allowing for smarter factories and buildings. In addition, our intelligent sensing technologies are enabling robotics and humanoids. In our other market which includes AI data center products, our intelligent power technologies enable energy efficiency in a market in which energy needs are growing at an exponential rate, and AI data center operators are focused on reducing energy consumption. We believe we have one of the most comprehensive portfolios of products and technologies for this market to address the complete power tree, and we are well positioned to benefit as new generation of AI data center processors and racks enter the market.
Primary products
- SiC products
- SiC JFET products
- Discrete products
- MOSFET products
- Power Module products
- Vertical GaN
Business segments
End markets
Geographies
Named customers
We had one distributor whose revenue accounted for approximately 11% and 10% of the total revenue for the years ended December 31, 2025 and 2024, respectively.
Named competitors
“We believe we have one of the most comprehensive portfolios of products and technologies for this market to address the complete power tree, and we are well positioned to benefit as new generation of AI data center processors and racks enter the market.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenue decreased 15.3% year-over-year, driven by lower sales volumes across all three reportable segments — PSG, AMG, and ISG — reflecting continued softening in automotive and industrial end-markets.
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