Filing Flows › On Semiconductor (ON) › Q2 2026 › vs Q2 2025
On Semiconductor (ON) Q2 2026 vs Q2 2025 (year over year)
On Semiconductor's revenue rose $135M (+9%) from $1.5B in Q2 2025 to $1.6B in Q2 2026. The biggest changes: PSG +$131M (+19%); ISG +$14.2M (+7%); AMG −$10.2M (-2%). Gross margin 38.4% against 37.6% (+0.9 pts).
On Semiconductor, Q2 2026: revenue $1.6B (+9% year over year), operating margin 16.1%, net earnings $228M, operating cash flow $460M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 38.4% | 37.6% | +0.9 pts |
| Operating margin | 16.1% | 13.2% | +3.0 pts |
| Net margin | 14.2% | 11.7% | +2.5 pts |
| Free cash flow margin | 26.5% | 7.2% | +19.3 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| PSG | $829M | $698M | $131M | +19% |
| AMG | $546M | $556M | −$10.2M | -2% |
| ISG | $229M | $215M | $14.2M | +7% |
| Revenue | $1.6B | $1.5B | $135M | +9% |
| Gross profit | $616M | $552M | $64.4M | +12% |
| Cost of revenue | $987M | $917M | $70.4M | +8% |
| Other income, net | $12.3M | $8.8M | $3.5M | +40% |
| Operating profit | $259M | $193M | $65.2M | +34% |
| Operating expenses | $358M | $358M | −$800K | -0.2% |
| Pre-tax earnings | $271M | $202M | $68.7M | +34% |
| Research & development | $141M | $144M | −$3.0M | -2% |
| Sales & marketing | $63.3M | $63.3M | $0 | 0% |
| General & admin | $102M | $91.2M | $10.7M | +12% |
| Other operating costs | $51.7M | $60.2M | −$8.5M | -14% |
| Net earnings | $228M | $172M | $55.8M | +32% |
| Income tax | $43.4M | $30.5M | $12.9M | +42% |
| Depreciation & amortization | $141M | $156M | −$15.1M | -10% |
| Share-based compensation | $37.4M | $34.4M | $3.0M | +9% |
| Working capital & other | $53.5M | −$178M | $232M | — |
| Operating cash flow | $460M | $184M | $275M | +149% |
| Free cash flow (company-reported) | $425M | $106M | $319M | +301% |
| A) | $34.3M | $78.2M | −$43.9M | -56% |
Questions
How much did On Semiconductor's revenue grow year over year in Q2 2026?
On Semiconductor's revenue rose $135M (+9%) from $1.5B in Q2 2025 to $1.6B in Q2 2026.
What drove On Semiconductor's revenue change in Q2 2026?
PSG +$131M (+19%); ISG +$14.2M (+7%); AMG −$10.2M (-2%).