Short answer
ON Semiconductor (ON) filed its fiscal 2025 10-K annual report with the SEC on Feb 9, 2026. It reported revenue of $6.0B (−15.3% year over year) and net income of $121M.
- Top risk flagged: Regulatory/legal risk: Risk of non-compliance with covenants in Credit Agreement could trigger higher interest rates or accelerated debt maturity
FY2025 key financial metrics · XBRL
- Revenue
- $6.0B
- −15.3% YoY
- Net income
- $121M
- −92.3% YoY
- Operating margin
- 1.4%
- −23.6 pp YoY
- Gross margin
- 33.1%
- −12.3 pp YoY
- EPS (diluted)
- $0.29
- −92.0% YoY
- ROE
- 1.6%
- −16.3 pp YoY
- Operating cash flow
- $1.8B
- −7.7% YoY
Source: XBRL data from the ON Semiconductor (ON) FY2025 10-K on SEC EDGAR. USD.
ON Semiconductor FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Intelligent power and sensing semiconductor solutions for automotive, industrial, and AI data center markets
- 2025 acquisitions of SiC JFET tech from Qorvo ($118.8M) and Vcore power tech from Aura Semiconductor (up to $144M) to enhance PSG segment
- Strategic manufacturing realignment in 2025 with ~2,400 employee reductions and $935.2M total restructuring and impairment charges
- Revenue mix 2025: Automotive 51%, Industrial 28%, Other (including AI data center) 21%; PSG segment largest at 47% of revenue
- Share repurchases of ~27.9 million shares for $1.375 billion in 2025 signal capital return focus amid operational restructuring
Management Discussion & Analysis
- Revenue $5,995.4M in 2025, down 15.3% ($1,086.9M) YoY from $7,082.3M in 2024
- Operating margin 1.4% ($84.2M) in 2025 vs 24.9% ($1,767.7M) in 2024; gross margin 33.1% vs 45.4%, down 12.3 ppt
- Best segment AMG: revenue $2,261.9M (37.7%), gross margin 51.1% up 1 ppt; worst segment ISG: revenue $928.4M down $196.6M, gross margin 15.1% down 31.6 ppt
- Operating cash flow $1,759.8M; capex $341.2M; share repurchases $1,375M (27.9M shares); Revolving Credit Facility borrowings repaid $375M
- 2026 outlook: focus on operational excellence, capacity alignment with demand, cost-saving initiatives, share repurchase plan approved up to $6B through 2028
Risk Factors
- Regulatory/legal risk: Risk of non-compliance with covenants in Credit Agreement could trigger higher interest rates or accelerated debt maturity
- Geopolitical/macroeconomic exposure: Availability of $1.5 billion credit facility subject to financial, legislative, regulatory conditions beyond control
- Operational/supply chain risk: Inventory provisions depend on fluctuating end-user demand and product transition plans, affecting cost of revenue
- Competitive/market disruption risk: No specific competitor or technology threat detailed in the filing
- Financial/structural risk: $3.004 billion total notes outstanding with significant interest impacting results; share repurchases totaled $1.375 billion in 2025
Generated from the filing text; verify against the original. How to read a 10-K
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