Semiconductor (ON) Q2 2026 Earnings Call Transcript

ON Semiconductor reported Q2 2026 results on Aug. 4, 2026, highlighting momentum tied to AI data centers and improving margins. Revenue came in at $1.6 billion, up 6% sequentially, driven by accelerated demand in AI data centers. Non-GAAP gross margin rose to 39.3% (+80 basis points), and Non-GAAP EPS was $0.74, up 16% quarter over quarter and above the guidance midpoint. The company expects AI data center revenue to more than double in 2026, supported by design wins in Nvidia’s MGX ecosystem and Amazon AWS power supply platforms. Energy Storage Systems revenue is forecast to grow about 40% year over year. China automotive silicon carbide revenue is expected to rise 60%–70% in 2026 with customers including Geely Zeekr and Xiaomi. ON also reported free cash flow of $425 million and raised Q3 guidance to $1.65–$1.75 billion.