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The median of 13 price targets is $110[FMP target], stock is $74, +48.2% vs the analyst consensus median. Q2 FY26 EPS $0.74 vs $0.71 estimate: beat (+4.2%)[FMP earnings]. Stock move on D+1: +0.5%.
B- — FMP rating [FMP ratings]. Form 4: 6 transactions[FMP Form 4].
Quick AnswerON Semiconductor Corporation (ON) Q3 consensus: revenue $1.7B[FMP est], EPS $0.90[FMP est]. 4 consecutive quarters of beat[FMP earnings].
Q2 FY26 EPS $0.74 vs $0.71 estimate: beat (+4.2%)[FMP]. Stock move on D+1: +0.5%[FMP D+1].
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Watchlist
Q3 Gross Margin Guidance
The company expects its non-GAAP gross margin to be between 40% and 42% in the third quarter, benefiting from increasing utilization.
"Our non-GAAP gross margin is expected to be between 40% and 42%, which includes share-based compensation of $8 million. This represents a significant step-up function increase as we realize the benefit of increasing utilization since the start of the year."
- Thad Trent, CFO - Q2 FY26 Earnings Call - August 4, 2026
Automotive China Sic Growth
Driven by market share gains in China EVs, the company expects silicon carbide revenue in that market to increase between 60% and 70% year-over-year.
"With our market share gains in China EVs, we now expect silicon carbide revenue in that market to increase between 60% and 70% year-over-year as our market share gains continue and programs ramp across existing platforms and newer vehicle launches."
- Hassane El-Khoury, CEO - Q2 FY26 Earnings Call - August 4, 2026
Q3 Revenue Guidance
onsemi anticipates its third-quarter revenue to be in the range of $1.65 billion to $1.75 billion.
"We anticipate Q3 revenue will be in the range of $1.65 billion to $1.75 billion."
- Thad Trent, CFO - Q2 FY26 Earnings Call - August 4, 2026
Sic Ai Data Center Growth
The company anticipates its silicon carbide revenue in AI data center applications to grow nearly 60% year-over-year in 2026.
"In 2026, we expect our silicon carbide revenue in AI data center applications to grow nearly 60% year-over-year."
- Hassane El-Khoury, CEO - Q2 FY26 Earnings Call - August 4, 2026
Ai Data Center 2026 Growth
onsemi expects AI data center revenue to more than double in 2026, highlighting it as their fastest-growing market segment.
"AI data center remains our fastest-growing market. We now expect AI data center revenue to more than double in 2026, driven by stronger demand, further accelerated by broader customer wins and expanding content across the entire Power Tree."
- Hassane El-Khoury, CEO - Q2 FY26 Earnings Call - August 4, 2026
Synaptics Acquisition
onsemi announced an agreement to acquire Synaptics, expecting the combination to close in mid-2027, complementing its strengths in power, sensing, and control.
"As I wrap up, I want to highlight our announced agreement to acquire Synaptics. Beyond the compelling strategic and financial rationale, we are excited about the opportunities this combination creates for all shareholders. Synaptics' market-leading connected compute capabilities complement our strength in power, sensing and control at accretive gross margins. Our combination would leverage our manufacturing scale, global sales channel and mass market engine to drive growth across our highly complementary portfolio. We expect the transaction to close in mid-2027, subject to customary approvals."
- Hassane El-Khoury, CEO - Q2 FY26 Earnings Call - August 4, 2026
Stock Expert AI - Methodology
Historical V1 earnings-model score (archived, Aug 24, 2026) — not the current MoonshotScore. Current MoonshotScore: ON stock page
multi-pillar methodology. Cash Runway and R&D Intensity strong. Revenue Growth weak.
How is it calculated? ->7 investor frameworks. 3 bullish (Ray Dalio, Klarman, Munger), 1 bearish (Ken Griffin), 3 neutral (Jim Simons, Englander, Buffett).
How is it calculated? ->Quality business, discounted price.
How is it calculated? ->Past Performance
Q2 FY26 (August 4, 2026) EPS $0.74 vs $0.71 estimate: beat (+4.2%)[FMP]. Stock move on D+1: +0.5%[FMP D+1].
Q2 FY26 EPS $0.74 vs $0.71 estimate: beat (+4.2%)[FMP]. Stock move on D+1: +0.5%[FMP]. Thad Trent Q2 transcript: "We anticipate Q3 revenue will be in the range of $1.65 billion to $1.75 billion."[Thad Trent].
"We anticipate Q3 revenue will be in the range of $1.65 billion to $1.75 billion."
- Thad Trent, CFO - Q2 FY26 Earnings Call - August 4, 2026
No RPO/backlog concentration disclosed in Q2 earnings call.
Form 4 Q2 FY26: 6 transactions, net -$12.05M[FMP Form 4]. Not absolutely large within $28.9B[FMP].
6 transactions · 6 sales / 0 purchases = net negative flow. Not large in absolute terms against a $28.9B market cap.
Q2 CapEx $34.3M[FMP cashflow]. Q2 op margin 16.1%[FMP op margin] - this level in Q2 is sensitive to CapEx revision risk.
"We expect capital expenditures in the range of $40 million to $50 million, and we now expect capital expenditure for the year to be below 5% of revenue."
- Thad Trent, CFO - Q2 FY26 Earnings Call - August 4, 2026
Not advice - a structural framework for earnings night. Decision discipline is yours.
Market Outlook
You read it in 5 minutes. When the numbers come out on Monday evening - you know what you're looking at.
Data arrives at night. The framework is ready now.
Data arrives on Monday evening. The framework is ready on this page: Q3 EPS threshold $0.90[FMP], CapEx threshold "below $34.3M". Two anchors, three scenarios.
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Stock Expert AI is free today — no credit card. Council 7-lens analysis + MoonshotScore multi-pillar + Insider tracker + Technical levels - all in one platform, for every stock.
Educational tool, not investment advice. Past performance does not guarantee future results.
Calendar
DATA GAP: Events not in the FMP /stable/calendar feed - Investor day, analyst day, product launches, regulatory dates. These require company IR page scraping or manual calendar entry.
This ON Semiconductor Corporation (ON) Q3 FY26 earnings preview covers the analyst consensus, key catalysts, and what to watch on the earnings call.
ON Semiconductor Corporation (ON): Consensus EPS, revenue guidance, segment growth rates, and the tone of management commentary — the full breakdown with sources is on this page.
ON Semiconductor Corporation (ON): Figures are sourced from Financial Modeling Prep (FMP) fundamentals and consensus data plus official earnings-call transcripts; derived metrics are labeled with their source next to each figure.
ON Semiconductor Corporation (ON): No. This page is educational research, not investment advice. It summarizes analyst consensus and company data; consult a licensed financial advisor before making any investment decision.