ON Semiconductor (ON) FY2025 10-K Annual Report
ON Semiconductor (ON) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 9, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
ON Semiconductor FY2025 10-K Analysis
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
ON Semiconductor FY2025 Key Financial MetricsXBRL
Revenue
$6.0B
▼ -15.3% YoY
Net Income
$121M
▼ -92.3% YoY
Gross Margin
33.1%
▼ -1232bp YoY
Operating Margin
1.4%
▼ -2355bp YoY
Net Margin
2.0%
▼ -2019bp YoY
ROE
1.6%
▼ -1630bp YoY
Total Assets
$12.5B
▼ -11.1% YoY
EPS (Diluted)
$0.29
▼ -92.0% YoY
Operating Cash Flow
$1.8B
▼ -7.7% YoY
Source: XBRL data from ON Semiconductor FY2025 10-K filing on SEC EDGAR. All figures in USD.
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