On Semiconductor
ON · NasdaqSemiconductors & Related Devices · Fiscal year ends Dec 31
On Semiconductor reported revenue of $6B in the fiscal year ended Dec 2025, down 15.3% from the year before. Operating income was $84M, an operating margin of 1.4%, and net income was $121M. Operating cash flow of $1.8B less capital expenditure of $341M left free cash flow of $1.4B. Net debt was $833M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $6.7B | $8.3B | $8.3B | $7.1B | $6B |
| Cost of revenue | $4B | $4.2B | $4.4B | $3.9B | $4B |
| Gross profit | $2.7B | $4.1B | $3.9B | $3.2B | $2B |
| Operating income | $1.3B | $2.4B | $2.5B | $1.8B | $84M |
| Interest expense | $130M | $95M | $75M | $62M | $71M |
| Pre-tax income | $1.2B | $2.4B | $2.5B | $1.8B | $131M |
| Income tax | $147M | $458M | $350M | $263M | $8M |
| Net income | $1B | $1.9B | $2.2B | $1.6B | $121M |
| Diluted EPS | 2.27 | 4.25 | 4.89 | 3.63 | 0.29 |
| Diluted shares | 444M | 448M | 447M | 433M | 412M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.4B | $2.9B | $2.5B | $2.7B | $2.1B |
| Receivables | $809M | $842M | $935M | $1.2B | $908M |
| Inventory | $1.4B | $1.6B | $2.1B | $2.2B | $2B |
| Current assets | $3.8B | $5.7B | $5.9B | $6.8B | $5.8B |
| Net PP&E | $2.5B | $3.5B | $4.4B | $4.4B | $3.4B |
| Goodwill | $1.9B | $1.6B | $1.6B | $1.6B | $1.7B |
| Total assets | $9.6B | $12B | $13.2B | $14.1B | $12.5B |
| Payables | $635M | $852M | $726M | $575M | $572M |
| Deferred revenue | – | $61M | $88M | $98M | $52M |
| Current liabilities | $1.5B | $2.1B | $2.2B | $1.3B | $1.3B |
| Short-term debt | $161M | $148M | $794M | $0 | $0 |
| Long-term debt | $2.9B | $3B | $2.5B | $3.3B | $3B |
| Total liabilities | $5B | $5.8B | $5.4B | $5.3B | $4.8B |
| Shareholders' equity | $4.6B | $6.2B | $7.8B | $8.8B | $7.7B |
| Backlog (remaining obligations) | $8.6B | $16.6B | $16.5B | $11.9B | $7.1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.8B | $2.6B | $2B | $1.9B | $1.8B |
| Capital expenditure | $445M | $1B | $1.5B | $694M | $341M |
| Free cash flow | $1.3B | $1.6B | $438M | $1.2B | $1.4B |
| Depreciation & amortisation | $597M | $552M | $610M | $643M | $686M |
| Stock-based compensation | $101M | $101M | $121M | $136M | $144M |
| Acquisitions | – | – | $236M | $21M | $125M |
| Share buybacks | $0 | $260M | $564M | $654M | $1.4B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 23.5% | −0.9% | −14.2% | −15.3% |
| Operating income growth (YoY) | – | 83.3% | 7.6% | −30.4% | −95.2% |
| EPS growth (YoY) | – | 87.2% | 15.1% | −25.8% | −92.0% |
| Gross margin | 40.3% | 49.0% | 47.1% | 45.4% | 33.1% |
| Operating margin | 19.1% | 28.3% | 30.8% | 25.0% | 1.4% |
| Net margin | 15.0% | 22.8% | 26.5% | 22.2% | 2.0% |
| Return on equityBlank when equity is negative | 22.0% | 30.7% | 28.1% | 17.9% | 1.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 15.9% | 23.8% | 23.0% | 13.9% | 0.7% |
| Free cash flow margin | 19.8% | 19.2% | 5.3% | 17.1% | 23.7% |
| Cash conversion (CFO ÷ net income) | 1.77x | 1.38x | 0.91x | 1.21x | 14.5x |
| Receivable days | 44 | 37 | 41 | 60 | 55 |
| Inventory days | 125 | 139 | 176 | 212 | 181 |
| Payable days | 58 | 73 | 61 | 54 | 52 |
| Interest cover | 9.87x | 24.9x | 33.9x | 28.4x | 1.19x |
| Debt ÷ equity | 0.67x | 0.52x | 0.43x | 0.38x | 0.39x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1.7B | $275M | $854M | $655M | $833M |
| Current ratio | 2.45x | 2.78x | 2.71x | 5.06x | 4.52x |
Recent filings
More in Semiconductors & Related Devices
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.