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On Semiconductor cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$489M in Q3 2026 · $1.6B over twelve months

Operating cash flow$516M
Capital spending−$27.8M
Free cash flow+$489M
Cash / net income1.6×
Cash conversion cycle186 days

Analysis

In Q3 2026, On Semiconductor generated $516M of operating cash flow and spent $27.8M on capital projects, leaving free cash flow of $489M.

Over the twelve months to Oct 2, 2026, operating cash flow was $1.8B; the largest uses were buybacks ($1.2B), capital spending ($153M), other financing ($81.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($1.1B), other investing ($225M); the cash balance rose by $1.7B.

Operating cash flow was $516M against net income of $314M — 1.6× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$135M, accrued liabilities +$71.9M, stock-based pay +$37.1M.

Its cash conversion cycle was 186 days (receivables 48 + inventory 186 − payables 47).

Free cash flow

On Semiconductor: free cash flow by quarterOn Semiconductor: free cash flow by quarter$422MQ4 2024$455MQ1 2025$106MQ2 2025$372MQ3 2025$485MQ4 2025$217MQ1 2026$425MQ2 2026$489MQ3 2026
Operating cash flow less capital spending.
On Semiconductor: operating cash flow against capital spendingOn Semiconductor: operating cash flow against capital spendingOperating cash flowCapital spending$580M$157MQ4 2024$602M$148MQ1 2025$184M$78.2MQ2 2025$419M$46.3MQ3 2025$554M$69.1MQ4 2025$239M$21.9MQ1 2026$460M$34.3MQ2 2026$516M$27.8MQ3 2026
Latest (Q3 2026): Operating cash flow $516M, Capital spending $27.8M.

Capital allocation, year by year

On Semiconductor: where the cash came from (up) and went (down), by fiscal yearOn Semiconductor: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $1.8BFY2021: Net borrowing −$1.2BFY2021: Asset sales $21.0MFY2021: Capital spending −$445M$1.8BFY2021FY2022: Operating cash flow $2.6BFY2022: Net borrowing −$41.5MFY2022: Shares issued $22.9MFY2022: Asset sales $322MFY2022: Capital spending −$1.0BFY2022: Buybacks −$260M$3.0BFY2022FY2023: Operating cash flow $2.0BFY2023: Net borrowing $106MFY2023: Shares issued $25.8MFY2023: Asset sales $4.0MFY2023: Capital spending −$1.5BFY2023: Acquisitions −$236MFY2023: Buybacks −$564M$2.1BFY2023FY2024: Operating cash flow $1.9BFY2024: Net borrowing −$2.2MFY2024: Shares issued $25.2MFY2024: Asset sales $6.2MFY2024: Capital spending −$694MFY2024: Acquisitions −$20.5MFY2024: Buybacks −$654M$1.9BFY2024FY2025: Operating cash flow $1.8BFY2025: Net borrowing −$377MFY2025: Shares issued $22.1MFY2025: Asset sales $32.2MFY2025: Capital spending −$341MFY2025: Acquisitions −$124MFY2025: Buybacks −$1.4B$1.8BFY2025
Over these 5 years operating cash flow totalled $10.1B; the largest uses were capital spending ($4.1B) and buybacks ($2.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$4.4B
Debt$4.5B
Net debt$137M
Due within a year$803M

On Semiconductor funds itself: free cash flow was $1.6B over the last twelve months, and $4.4B of cash and investments stands against $4.5B of debt ($803M due within a year, 5.4× covered by cash).

On Semiconductor: debt maturities by year (FY2025)On Semiconductor: debt maturities by year (FY2025)$805MYear 2$700MYear 3$1.5BYear 4
Principal due in each year as disclosed in the annual report, against $4.4B of cash and investments now.

Where the cash came from and went

On Semiconductor: sources (+) and uses (−) of cash, Q3 2026On Semiconductor: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$643MOperating cash flow$516MOther investing$173MCapital spending−$27.8MBuybacks−$19.9MAsset & business sales$8.5MOther financing−$7.7MShares issued$6.6MTaxes on employees’ shares−$6.5MExchange rates$300KNet borrowing (+) / repaid (−)−$100K
On Semiconductor: sources (+) and uses (−) of cash, TTM to Q3 2026On Semiconductor: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.8BCash drawn (+) / kept (−)−$1.7BBuybacks−$1.2BNet borrowing (+) / repaid (−)$1.1BOther investing$225MCapital spending−$153MOther financing−$81.0MTaxes on employees’ shares−$53.6MAsset & business sales$42.5MShares issued$24.1MAcquisitions−$20.0MExchange rates−$5.2M

From profit to cash

On Semiconductor: net income to operating cash flow, Q3 2026On Semiconductor: net income to operating cash flow, Q3 2026Net income$314MDepreciation & amortization$135MStock-based pay$37.1MImpairments$3.3MGains on disposals−$2.8MOther non-cash−$3.2MReceivables−$18.4MInventory−$26.9MPayables$33.9MAccrued liabilities$71.9MPrepaid and other assets−$9.6MOther liabilities−$12.4MOperating cash flow$516M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20264818647186
Q2 20265018945193
Q1 20265420253203
Q4 20255418448190
Q3 20255519545205
Q2 20255420748213
Q1 20256517644197
Q4 20246222659228

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$516M−$27.8M—−$19.9M−$100K$6.6M−$643M$489M
Q2 2026$460M−$34.3M−$13.0M−$345M−$100K$5.3M−$1.5B$425M
Q1 2026$239M−$21.9M—−$346M−$100K$6.7M$144M$217M
Q4 2025$554M−$69.1M−$7.0M−$450M−$376M$5.5M$325M$485M
Q3 2025$419M−$46.3M—−$325M−$400K$6.0M$55.6M$372M
Q2 2025$184M−$78.2M—−$302M−$400K$5.3M$236M$106M
Q1 2025$602M−$148M−$118M−$300M−$400K$5.3M−$71.8M$455M
Q4 2024$580M−$157M—−$204M−$400K$5.6M−$221M$422M

On Semiconductor: income statement and cash flow

On Semiconductor, Q3 2026: revenue $1.7B (+11% year over year), operating margin 22.0%. The chart follows the revenue to costs, profit and cash.

On Semiconductor: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.