실적분석 2026년 8월 3일

onsemi ($ON) Q2 2026 Earnings Analysis — Revenue and Adjusted EPS Both Beat Expectations

Earnings Scorecard

Revenue: $1.604 billion (+9% YoY, vs. $1.589 billion expected) ✅ Beat

EPS: Adjusted $0.74 (vs. $0.72 expected) ✅ Beat

Guidance: Newly issued — Q3 revenue $1.65–$1.75 billion, adjusted EPS $0.81–$0.93

Stock reaction: After-hours +3.57% ($83.27) — as of 06:02 KST, Aug 4

What Went Well

Revenue and earnings both beat: Adjusted EPS of $0.74 and revenue of $1.604 billion cleared expectations

AI power demand: Power Solutions +19% YoY, led by data centers

Sharp jump in cash generation: Free cash flow of $425 million, roughly 4x YoY

onsemi supplies power and sensor chips to the automotive, industrial, and AI data-center markets. Q2 2026 revenue came in at $1.6035 billion (press release: $1,603.5 million), up 9% from $1.4687 billion a year earlier, and edged past the $1.589 billion consensus. Adjusted (non-GAAP) diluted EPS of $0.74 topped the $0.72 estimate, while GAAP diluted EPS was $0.56. Net income attributable to onsemi was $226.8 million on a GAAP basis and $293.8 million on an adjusted basis.

By segment, Power Solutions Group (PSG) revenue reached $829 million, up 19% YoY and 13% sequentially, leading the growth. Management called AI data centers the fastest-growing business and said revenue in this area is set to more than double in 2026. Adjusted gross margin of 39.3% and adjusted operating margin of 20.8% improved versus the year-ago quarter, and free cash flow of $425.4 million rose roughly 4x YoY. The company also returned capital to shareholders, buying back $332 million of stock during the quarter.

What Fell Short

Analog segment weakness: Analog & Mixed-Signal revenue -2% YoY

Sensors sequential slowdown: Intelligent Sensing revenue -3% QoQ

M&A execution risk: Integration and funding uncertainties tied to the planned Synaptics acquisition

Not every segment delivered. Analog & Mixed-Signal Group (AMG) revenue of $545.7 million slipped 2% YoY, while Intelligent Sensing Group (ISG) revenue of $228.8 million rose 7% YoY but fell 3% from the prior quarter. With the power side doing the heavy lifting, the pace of recovery in select automotive and industrial end markets will need closer monitoring.

The company also flagged its planned acquisition of Synaptics. The deal aims to expand its connected-computing capability and bolster margins, but the process could introduce variables such as costs, the timing of synergies, leverage, and dilution. With the Q3 guidance midpoint sitting above the most recent quarter, any shortfall in AI data-center and automotive power demand would also leave the door open to expectation resets.

What Management Said

CEO Hassane El-Khoury noted that revenue, gross margin, and EPS came in above the midpoint of prior guidance, attributing the outperformance to strengthening demand across AI applications and broader customer adoption of differentiated solutions such as Treo and high-voltage power offerings. He emphasized that AI data centers are the fastest-growing business and that the related revenue is expected to more than double in 2026, sending the message that the power portfolio is now in the early innings of monetizing the data-center opportunity.

CFO Thad Trent highlighted that EPS grew four times faster than revenue, crediting gross margin expansion and disciplined cost management. He pointed out that free cash flow margin expanded from roughly 7% a year ago to 27%, underscoring management's confidence in profitability and cash generation. The Q3 outlook was newly framed in ranges for both revenue and adjusted EPS, with no explicit language in the release indicating an upward revision or reiteration of the prior guidance, so reading it as a fresh guide is the appropriate call. The overall tone leans bullish, emphasizing demand recovery, operating leverage, and the expansion of AI power.

Market Reaction and Key Watch Items

With adjusted results clearing expectations and Q3 revenue and EPS targets set above the most recent quarter, buy-side sentiment appears to have been lifted. Layered on top were management's comment that AI data-center revenue could more than double in 2026, the surge in free cash flow, and growth narratives such as the expanded role within the NVIDIA MGX ecosystem and the launch of the gallium-nitride power portfolio, reinforcing the "semiconductor cycle bottomed + AI power beneficiary" thesis. The share-price figures should be read against the scorecard.

Watch whether Q3 actual revenue lands at or above the midpoint of the guided range, particularly whether Power Solutions growth is sustained.

Track whether AI data-center revenue becomes visible on a quarterly cadence in line with the "more than 2x" full-year outlook.

The timing and terms of the Synaptics deal, disclosure of synergies, and the YoY recovery pace of the analog and automotive segments will be the swing factors for any valuation re-rating.