Reports › ON › 10-Q FY2026

SEC filings, compared

What changed in On Semiconductor's 10-Q for the quarter ended April 3, 2026

Compared with the 10-Q for the quarter ended April 4, 2025. Part I, Item 2 and Part II, Item 1A analysed; every summary checked against the quoted filing text.

Registrant: ON SEMICONDUCTOR CORP · ON
This filing: 0001097864-26-000014 ↗ · filed May 4, 2026
Compared with: 0001628280-25-022042 ↗ · filed May 5, 2025
Processed: Sep 20, 2026 UTC · parser-v5 · classify-v4 · select-v1

Research tool. Describes what filings say. Not investment advice. Verify independently. Read the cited paragraph before relying on it.

How a report is made

34 material changes among 46 changed paragraphs

10 shown by default across the three sections below; each section's "Show all" reaches the rest, in filing order.

Numbers from XBRL

Each figure is the one the filing itself tagged, taken from the filing that reported it. Not written by a model.

Concept	FY2026	FY2025	Change (our arithmetic)
Revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax	1,513,300,000USD · Jan 1, 2026 to Apr 3, 2026	1,445,700,000USD · Jan 1, 2025 to Apr 4, 2025	+67,600,000+4.7%
Net income or lossus-gaap:NetIncomeLoss	(33,400,000)USD · Jan 1, 2026 to Apr 3, 2026	(486,100,000)USD · Jan 1, 2025 to Apr 4, 2025	+452,700,000+93.1%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	2,003,600,000USD · at Apr 3, 2026	2,762,500,000USD · at Apr 4, 2025	−758,900,000−27.5%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	239,100,000USD · Jan 1, 2026 to Apr 3, 2026	602,300,000USD · Jan 1, 2025 to Apr 4, 2025	−363,200,000−60.3%

Values as tagged in the filing's inline XBRL, resolved by accession rather than by period matching. When a value is not tagged, we show that instead of estimating it. FY2026: 0001097864-26-000014 · FY2025: 0001628280-25-022042

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

5 material additions

Part I, Item 2 · MD&A

5 of 5 shown · In filing order, too few to rank

01AddedPart I, Item 2 › Executive Overview

Summary · quote-checked

Added an Executive Overview paragraph describing onsemi’s brand, subsidiaries, and three operating and reportable segments.

The paragraph introduces company-specific organizational and segment information that was absent from the prior text; its substance is not merely a date, formatting, or standard-template update.

Filing text · FY2025 10-Q · filed May 5, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 4, 2026

[added] ON Semiconductor Corporation ("onsemi," "we," "us," "our," or the "Company"), with its wholly and majority-owned subsidiaries, operates under the onsemiTM brand. The Company is organized into three operating and reportable segments: the Power Solutions Group ("PSG"), the Analog and Mixed-Signal Group ("AMG"), and the Intelligent Sensing Group ("ISG").

Cite this change

"ON Semiconductor Corporation ("onsemi," "we," "us," "our," or the "Company"), with its wholly and majority-owned subsidiaries, operates under the onsemiTM brand. The Company is organized into three operating and reportable segments: the Power Solutions Group ("PSG"), the Analog and Mixed-Signal Group ("AMG"), and the Intelligent Sensing Group ("ISG")."

On Semiconductor, Form 10-Q for FY2026, Part I, Item 2, accession 0001097864-26-000014, filed 4 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1097864/000109786426000014/on-20260403.htm

Comparison: https://yearover.com/reports/on/0001097864-26-000014?ref=quote

02AddedPart I, Item 2 › Executive Overview

Summary · quote-checked

Added an Executive Overview paragraph describing intelligent power and sensing technologies across industrial, medical, automation, robotics and humanoid applications.

The new paragraph introduces substantive descriptions of technologies, markets and applications, rather than merely updating wording, formatting or dates.

Filing text · FY2025 10-Q · filed May 5, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 4, 2026

[added] In the industrial market, our intelligent power technologies propel sustainable energy for the highest efficiency solar strings and industrial power. In the medical field, our intelligent power technologies extend the life of personal diagnostic devices, such as continuous glucose monitors. Our intelligent sensing technologies support the next generation industry through automation, allowing for smarter factories and buildings. Our intelligent power and sensing technologies are enabling robotics and humanoids.

Cite this change

"In the industrial market, our intelligent power technologies propel sustainable energy for the highest efficiency solar strings and industrial power. In the medical field, our intelligent power technologies extend the life of personal diagnostic devices, such as continuous glucose monitors. Our intelligent sensing technologies support the next generation industry through automation, allowing for smarter factories and buildings. Our intelligent power and sensing technologies are enabling robotics and humanoids."

On Semiconductor, Form 10-Q for FY2026, Part I, Item 2, accession 0001097864-26-000014, filed 4 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1097864/000109786426000014/on-20260403.htm

Comparison: https://yearover.com/reports/on/0001097864-26-000014?ref=quote

03AddedPart I, Item 2 › Executive Overview

Summary · quote-checked

Added discussion of AI data center products, energy-efficiency demand, portfolio breadth, and expected positioning as processors and racks enter the market.

The new paragraph introduces an end-market, product capabilities, demand conditions, and management’s stated positioning and outlook, changing the substance of MD&A disclosure.

Filing text · FY2025 10-Q · filed May 5, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 4, 2026

[added] In our other end-market, which includes AI data center products, our intelligent power technologies enable energy efficiency in a market in which energy needs are growing at an exponential rate, and AI data center operators are focused on reducing energy consumption. We believe we have one of the most comprehensive portfolios of products and technologies for this market to address the complete power tree, and we are well-positioned to benefit as next-generation AI data center processors and racks enter the market.

Cite this change

"In our other end-market, which includes AI data center products, our intelligent power technologies enable energy efficiency in a market in which energy needs are growing at an exponential rate, and AI data center operators are focused on reducing energy consumption."

On Semiconductor, Form 10-Q for FY2026, Part I, Item 2, accession 0001097864-26-000014, filed 4 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1097864/000109786426000014/on-20260403.htm

Comparison: https://yearover.com/reports/on/0001097864-26-000014?ref=quote

04AddedPart I, Item 2 › Gross Profit and Gross Margin

Summary · quote-checked

Added an explanation of the gross margin increase, including its magnitude and operational drivers.

The new paragraph reports a substantial change in gross margin and identifies specific drivers, including inventory charges, manufacturing utilization, product mix, and lower end-market volumes.

Filing text · FY2025 10-Q · filed May 5, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 4, 2026

[added] Our gross margin increased by 18.2 percentage points from 20.3% for the quarter ended April 4, 2025 to 38.5% for the quarter ended April 3, 2026. The increase was primarily driven by the absence of prior-year excess and obsolete inventory charges and consumables write-off, slightly improved manufacturing utilization and favorable mix within certain business segments, partially offset by lower volumes in select end-markets.

Cite this change

"Our gross margin increased by 18.2 percentage points from 20.3% for the quarter ended April 4, 2025 to 38.5% for the quarter ended April 3, 2026. The increase was primarily driven by the absence of prior-year excess and obsolete inventory charges and consumables write-off, slightly improved manufacturing utilization and favorable mix within certain business segments, partially offset by lower volumes in select end-markets."

On Semiconductor, Form 10-Q for FY2026, Part I, Item 2, accession 0001097864-26-000014, filed 4 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1097864/000109786426000014/on-20260403.htm

Comparison: https://yearover.com/reports/on/0001097864-26-000014?ref=quote

05AddedPart I, Item 2 › Overview

Summary · quote-checked

Added an MD&A paragraph describing improved net loss, offsetting realignment charges, and weaker translation into operating cash flows due to working capital requirements.

The new paragraph adds substantive earnings and cash-flow results, identifies specific drivers, and describes the effect of the 2025 and 2026 Manufacturing Realignment Programs.

Filing text · FY2025 10-Q · filed May 5, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 4, 2026

[added] Net loss for the quarter ended April 3, 2026 improved compared to the prior-year period, primarily due to lower non-cash asset impairment and restructuring-related charges, partially offset by accelerated depreciation and amortization expense for ROU assets and related improvements that were abandoned in connection with the 2025 and 2026 Manufacturing Realignment Programs. However, these improvements in earnings did not directly translate to higher operating cash flows, as working capital requirements had a more significant impact on cash generation during the period.

Cite this change

"Net loss for the quarter ended April 3, 2026 improved compared to the prior-year period, primarily due to lower non-cash asset impairment and restructuring-related charges, partially offset by accelerated depreciation and amortization expense for ROU assets and related improvements that were abandoned in connection with the 2025 and 2026 Manufacturing Realignment Programs."

On Semiconductor, Form 10-Q for FY2026, Part I, Item 2, accession 0001097864-26-000014, filed 4 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1097864/000109786426000014/on-20260403.htm

Comparison: https://yearover.com/reports/on/0001097864-26-000014?ref=quote

What the company no longer says

Paragraphs of the prior filing that this filing dropped. Only last year's text can show these.

0 material removals

Nothing material was dropped from the analysed Items.

What the company says differently

Paragraphs that changed between the two filings, shown as a word diff.

29 material changes

Part I, Item 2 · MD&A

5 of 29 shown · Ordered by the model, quote-checked

01ChangedPart I, Item 2 › Overview

Summary · quote-checked

Reported cash and short-term investments decreased from $3.0 billion to $2.4 billion, while available Revolving Credit Facility borrowings increased from $1.1 billion to $1.5 billion.

The updated liquidity figures change the disclosed balance of immediately available resources and borrowing capacity, potentially leading readers to a different conclusion about liquidity.

Why the model ranked it here

The disclosed liquidity cushion changed materially, with less cash and investments but greater available borrowing capacity.

Filing text · FY2025 10-Q · filed May 5, 2025

Our principal sources of liquidity are cash on hand, cash generated from operations, available borrowings under our Revolving Credit Facility as well as new debt and/or equity issuances. In the near term, we expect to fund our cash requirements by utilizing any or a combination of these principal sources. Our cash and cash equivalents and short-term investments were approximately ~~[removed] $3.0~~ billion as of April ~~[removed] 4, 2025,~~ and the Revolving Credit Facility has approximately ~~[removed] $1.1~~ billion available for future borrowings.

Filing text · FY2026 10-Q · filed May 4, 2026

Our principal sources of liquidity are cash on hand, [added] short-term investments, cash generated from operations, available borrowings under our Revolving Credit Facility as well as new debt and/or equity issuances. In the near term, we expect to fund our cash requirements by utilizing any or a combination of these principal sources. Our cash and cash equivalents and short-term investments were approximately [added] $2.4 billion as of April [added] 3, 2026, and the Revolving Credit Facility has approximately [added] $1.5 billion available for future borrowings.

Cite this change

"Our cash and cash equivalents and short-term investments were approximately $2.4 billion as of April 3, 2026, and the Revolving Credit Facility has approximately $1.5 billion available for future borrowings."

On Semiconductor, Form 10-Q for FY2026, Part I, Item 2, accession 0001097864-26-000014, filed 4 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1097864/000109786426000014/on-20260403.htm

Comparison: https://yearover.com/reports/on/0001097864-26-000014?ref=quote

02ChangedPart I, Item 2 › Overview

Summary · quote-checked

Replaced a statement about no meaningful near-term debt maturities with disclosure of 0% Notes maturing on May 1, 2027.

The filing now identifies a specific debt instrument and its maturity, changing the disclosed debt obligation and maturity information; the repurchase-program rename is only wording.

Why the model ranked it here

The filing now identifies a specific debt maturity, creating a concrete obligation that was previously characterized as immaterial in the near term.

Filing text · FY2025 10-Q · filed May 5, 2025

~~[removed] We do not have any meaningful debt maturing during the next 12 months.~~ We expect to continue our Share Repurchase Program subject to market conditions, the price of our shares and other factors (including liquidity needs). However, the Share Repurchase Program may be modified, suspended or terminated by the Board of Directors at any time without prior notice.

Filing text · FY2026 10-Q · filed May 4, 2026

[added] Our 0% Notes will mature on May 1, 2027 unless earlier repurchased or redeemed by the Company or converted pursuant to their terms. We expect to continue our [added] New Share Repurchase Program subject to market conditions, the price of our shares and other factors (including liquidity needs). However, the [added] New Share Repurchase Program may be modified, suspended or terminated by the Board of Directors at any time without prior notice.

Cite this change

"Our 0% Notes will mature on May 1, 2027 unless earlier repurchased or redeemed by the Company or converted pursuant to their terms."

On Semiconductor, Form 10-Q for FY2026, Part I, Item 2, accession 0001097864-26-000014, filed 4 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1097864/000109786426000014/on-20260403.htm

Comparison: https://yearover.com/reports/on/0001097864-26-000014?ref=quote

03ChangedPart I, Item 2 › Overview

Summary · quote-checked

Operating cash flow declined, with the stated driver changing from working-capital timing and restructuring-related factors to unfavorable working-capital changes.

The paragraph changes the direction of cash-flow movement and replaces the stated drivers, including removing end-market demand and impairment-related effects; this is substantive MD&A disclosure.

Why the model ranked it here

Operating cash flow shifted from an increase to a decline, with unfavorable working-capital changes now identified as the primary driver.

Filing text · FY2025 10-Q · filed May 5, 2025

Our cash flows from operating activities were ~~[removed] $602.3~~ million and ~~[removed] $498.7~~ million for the quarters ended April ~~[removed] 4, 2025 and March 29, 2024, respectively. Although the~~ decrease in [removed] net income was driven by lower end-market demand for our products and by the non-cash asset impairment and other restructuring-related charges incurred during the quarter ended April 4, 2025, the operating cash flows increase of $103.6 million was driven by the timing of cash receipts and ~~[removed] payments related to working capital balances.~~

Filing text · FY2026 10-Q · filed May 4, 2026

Our cash flows from operating activities were [added] $239.1 million and [added] $602.3 million for the quarters ended April [added] 3, 2026 and April 4, 2025, respectively. The decrease in [added] operating cash flows by $363.2 millions was primarily driven by unfavorable changes in working capital, including the timing of cash receipts and [added] payments.

Cite this change

"The decrease in operating cash flows by $363.2 millions was primarily driven by unfavorable changes in working capital, including the timing of cash receipts and payments."

On Semiconductor, Form 10-Q for FY2026, Part I, Item 2, accession 0001097864-26-000014, filed 4 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1097864/000109786426000014/on-20260403.htm

Comparison: https://yearover.com/reports/on/0001097864-26-000014?ref=quote

04ChangedPart I, Item 2 › Gross Profit and Gross Margin

Summary · quote-checked

Gross profit shifted from a 66% decrease to a 98% increase, with inventory charges and a supplies write-off replacing prior volume-related drivers.

The direction of reported gross-profit movement changed, and the explanation shifted from sales-volume declines to the absence of inventory charges and a write-off.

Why the model ranked it here

Gross profit reversed from a sharp decline to a substantial increase, largely because significant prior-period charges did not recur.

Filing text · FY2025 10-Q · filed May 5, 2025

Gross profit ~~[removed] decreased by $559.8~~ million, or approximately ~~[removed] 66%, to $293.8~~ million for the quarter ended April ~~[removed] 4, 2025~~ compared to ~~[removed] $853.6~~ million for the quarter ended ~~[removed] March 29, 2024. We recorded excess and obsolete inventory charges~~ of $237.7 [removed] million, of which $232.2 million related to inventory primarily considered work in progress within the ISG reportable segment as a result of changes in business strategy due to the 2025 Manufacturing Realignment Program. See Note 5: ''Restructuring, Asset Impairments and Other Charges, Net,'' for additional information. We also continued to experience a decrease in sales volume from existing products and new products that negatively impacted gross profit by approximately $201.3 million and $120.8 million, respectively.

Filing text · FY2026 10-Q · filed May 4, 2026

Gross profit [added] increased by $289.3 million, or approximately [added] 98%, to $583.1 million for the quarter ended April [added] 3, 2026 compared to [added] $293.8 million for the quarter ended [added] April 4, 2025 primarily due to the absence of $237.7 [added] million of excess and obsolete inventory charges and a $43.9 million write-off of consumables and manufacturing supplies recognized during the quarter ended April 4, 2025, which did not reoccur in 2026.

Cite this change

"Gross profit increased by $289.3 million, or approximately 98%, to $583.1 million for the quarter ended April 3, 2026 compared to $293.8 million for the quarter ended April 4, 2025 primarily due to the absence of $237.7 million of excess and obsolete inventory charges and a $43.9 million write-off of consumables and manufacturing supplies recognized during the quarter ended April 4, 2025, which did not reoccur in 2026."

On Semiconductor, Form 10-Q for FY2026, Part I, Item 2, accession 0001097864-26-000014, filed 4 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1097864/000109786426000014/on-20260403.htm

Comparison: https://yearover.com/reports/on/0001097864-26-000014?ref=quote

05ChangedPart I, Item 2 › Revenue

Summary · quote-checked

Revenue shifted from a 22% year-over-year decrease to a 5% increase driven by increased demand, while distributor concentration changed from 10% to 12%.

The change reverses revenue direction, adds a stated demand driver, and changes customer concentration, making the disclosure substantively different rather than a period roll-forward.

Why the model ranked it here

Revenue shifted from contraction to growth driven by increased demand, while reliance on a major distributor also increased.

Filing text · FY2025 10-Q · filed May 5, 2025

Revenue was ~~[removed] $1,445.7~~ million and ~~[removed] $1,862.7~~ million for the quarters ended April ~~[removed] 4, 2025 and March 29, 2024,~~ respectively, representing ~~[removed] a decrease of $417.0~~ million, or approximately ~~[removed] 22%,~~ year over ~~[removed] year.~~ We had one customer, a distributor, whose revenue accounted for approximately 10% of our total revenue for ~~[removed] each of~~ the quarters ended April ~~[removed] 4, 2025 and March 29, 2024.~~

Filing text · FY2026 10-Q · filed May 4, 2026

Revenue was [added] $1,513.3 million and [added] $1,445.7 million for the quarters ended April [added] 3, 2026 and April 4, 2025, respectively, representing [added] an increase of $67.6 million, or approximately [added] 5%, year over [added] year due to increased demand across all end-markets. We had one customer, a distributor, whose revenue accounted for approximately [added] 12% and 10% of our total revenue for the quarters ended April [added] 3, 2026 and April 4, 2025, respectively, across all reportable segments.

Cite this change

"Revenue was $1,513.3 million and $1,445.7 million for the quarters ended April 3, 2026 and April 4, 2025, respectively, representing an increase of $67.6 million, or approximately 5%, year over year due to increased demand across all end-markets. We had one customer, a distributor, whose revenue accounted for approximately 12% and 10% of our total revenue for the quarters ended April 3, 2026 and April 4, 2025, respectively, across all reportable segments."

On Semiconductor, Form 10-Q for FY2026, Part I, Item 2, accession 0001097864-26-000014, filed 4 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1097864/000109786426000014/on-20260403.htm

Comparison: https://yearover.com/reports/on/0001097864-26-000014?ref=quote

Show all 29 in Part I, Item 2 (24 more, in filing order)

What the company reported as changed this quarter

We have not parsed the annual report this quarter's risk factors refers to, so we cannot tell whether it restates the section or reports changes to it. Nothing is compared until we can.

Part II, Item 1A · Risk Factors

Get this when ON files next

At most one email a day, and only when a company we cover files. Over the last twelve months that averaged about 5 days a month, unevenly: 12 in the busiest month and 1 in the quietest. You confirm by email first; nothing is sent until you do.