ON SEMICONDUCTOR CORP — Form 8-K
Filed November 2, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 68/100
What the filing says
ON Semiconductor reported Q3 2026 revenue of $1,722M (+11% YoY), with non-GAAP EPS of $0.90 (+43% YoY) and gross margin of 41.2% (+320 bps YoY). The company announced an agreement to acquire Ferric (adding $500M to 2030 AI data center revenue target, now >$3B) and renegotiated the Synaptics acquisition from $7B stock to ~$5.7B cash (making it immediately accretive). AI data center revenue grew 175% YoY and 39% sequentially. Free cash flow was $489M, up 31% YoY. Q4 2026 guidance: $1.715–$1.815B revenue; non-GAAP EPS $0.95–$1.07.
Why this rating
Two major acquisitions and strong AI momentum are real but digestion risk exists; $5.7B Synaptics deal is ~25% of market cap, material. Earnings beat is solid; AI upside is meaningful but already priced in.
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