Reports › ON › 10-Q FY2026

SEC filings, compared

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

Compared with the 10-Q for the quarter ended July 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: 0001097864-26-000017 ↗ · filed Aug 3, 2026
Compared with: 0001097864-25-000013 ↗ · filed Aug 4, 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

61 material changes among 78 changed paragraphs

15 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	1,603,500,000USD · Apr 4, 2026 to Jul 3, 2026	1,468,700,000USD · Apr 5, 2025 to Jul 4, 2025	+134,800,000+9.2%
Net income or lossus-gaap:NetIncomeLoss	226,800,000USD · Apr 4, 2026 to Jul 3, 2026	170,300,000USD · Apr 5, 2025 to Jul 4, 2025	+56,500,000+33.2%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	3,514,500,000USD · at Jul 3, 2026	2,526,700,000USD · at Jul 4, 2025	+987,800,000+39.1%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	698,800,000USD · Jan 1, 2026 to Jul 3, 2026	786,600,000USD · Jan 1, 2025 to Jul 4, 2025	−87,800,000−11.2%

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: 0001097864-26-000017 · FY2025: 0001097864-25-000013

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

13 material additions

Part I, Item 2 · MD&A

8 of 13 shown · Ordered by the model, quote-checked

01AddedPart I, Item 2 › Executive Overview

Summary · quote-checked

Added disclosure of an agreement to acquire Synaptics, including the planned merger and resulting ownership structure.

The new paragraph discloses a specific merger transaction, a contractual obligation, and consequences for ownership, representing substantive information about a new event and commitment.

Why the model ranked it here

This introduces a proposed acquisition that would create a new subsidiary and materially change the company’s ownership structure.

Filing text · FY2025 10-Q · filed Aug 4, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Aug 3, 2026

[added] On June 25, 2026, we entered into an Agreement and Plan of Reorganization (the "Merger Agreement") with Sonic Acquisition Corp. and Synaptics Incorporated ("Synaptics"), pursuant to which Synaptics will become a wholly owned subsidiary of onsemi (the "Merger"). At the effective time of the Merger (the "Closing"), each outstanding share of Synaptics common stock, subject to limited exceptions set forth in the Merger Agreement, will be converted into the right to receive 1.350 shares of the Company's common stock. Based on the exchange ratio, we expect Synaptics stockholders will own approximately 12% of the combined company on a pro forma basis upon closing. The Merger Agreement also provides for our assumption of certain Synaptics equity awards, subject to certain adjustments thereto in respect of, among other things, performance-based vesting conditions. Our Board of Directors unanimously approved the Merger Agreement and the issuance of our common stock in connection with the Merger.

Cite this change

"On June 25, 2026, we entered into an Agreement and Plan of Reorganization (the "Merger Agreement") with Sonic Acquisition Corp. and Synaptics Incorporated ("Synaptics"), pursuant to which Synaptics will become a wholly owned subsidiary of onsemi (the "Merger")."

On Semiconductor, Form 10-Q for FY2026, Part I, Item 2, accession 0001097864-26-000017, filed 3 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1097864/000109786426000017/on-20260703.htm

Comparison: https://yearover.com/reports/on/0001097864-26-000017?ref=quote

02AddedPart I, Item 2 › Executive Overview

Summary · quote-checked

Added disclosure of merger termination rights and potential termination fees payable by either party under specified circumstances.

The paragraph introduces a merger-related obligation and specifies circumstances and amounts for termination fees, substantively changing disclosed commitments.

Why the model ranked it here

This establishes new termination rights and potentially substantial payment obligations tied to the proposed merger.

Filing text · FY2025 10-Q · filed Aug 4, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Aug 3, 2026

[added] The Merger Agreement contains certain termination rights for each of us and Synaptics. In certain circumstances in which the Merger Agreement is terminated, Synaptics may be required to pay us a termination fee of $235.0 million, including if the Merger Agreement is terminated by us due to a change of recommendation by the Synaptics Board, or by Synaptics to enter into a more favorable third-party acquisition proposal, as more fully described in the Merger Agreement. In certain circumstances in which the Merger Agreement is terminated due to the failure to obtain required regulatory approvals, we may be required to pay Synaptics a termination fee of $320.0 million, as more fully described in the Merger Agreement.

Cite this change

"The Merger Agreement contains certain termination rights for each of us and Synaptics. In certain circumstances in which the Merger Agreement is terminated, Synaptics may be required to pay us a termination fee of $235.0 million, including if the Merger Agreement is terminated by us due to a change of recommendation by the Synaptics Board, or by Synaptics to enter into a more favorable third-party acquisition proposal, as more fully described in the Merger Agreement. In certain circumstances in which the Merger Agreement is terminated due to the failure to obtain required regulatory approvals, we may be required to pay Synaptics a termination fee of $320.0 million, as more fully described in the Merger Agreement."

On Semiconductor, Form 10-Q for FY2026, Part I, Item 2, accession 0001097864-26-000017, filed 3 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1097864/000109786426000017/on-20260703.htm

Comparison: https://yearover.com/reports/on/0001097864-26-000017?ref=quote

03AddedPart I, Item 2 › Executive Overview

Summary · quote-checked

Added disclosure that the anticipated mid-2027 Merger depends on stockholder approval, regulatory clearances, customary conditions and absence of prohibitive orders or laws.

The paragraph introduces a merger, its anticipated timing, and specific closing conditions and regulatory dependencies, materially changing disclosed obligations and transaction-related risks.

Why the model ranked it here

This shows that the proposed merger remains dependent on stockholder approval, regulatory clearance and other closing conditions.

Filing text · FY2025 10-Q · filed Aug 4, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Aug 3, 2026

[added] The Merger, which is anticipated to close in mid-2027, is subject to the satisfaction or waiver of customary closing conditions, including, but not limited to, adoption of the Merger Agreement by Synaptics' stockholders, the expiration or early termination of the waiting period under the HSR Act, and other regulatory approvals under certain antitrust and foreign investment regimes, and the absence of any order, injunction or law of such jurisdictions prohibiting the Merger.

Cite this change

"The Merger, which is anticipated to close in mid-2027, is subject to the satisfaction or waiver of customary closing conditions, including, but not limited to, adoption of the Merger Agreement by Synaptics' stockholders, the expiration or early termination of the waiting period under the HSR Act, and other regulatory approvals under certain antitrust and foreign investment regimes, and the absence of any order, injunction or law of such jurisdictions prohibiting the Merger."

On Semiconductor, Form 10-Q for FY2026, Part I, Item 2, accession 0001097864-26-000017, filed 3 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1097864/000109786426000017/on-20260703.htm

Comparison: https://yearover.com/reports/on/0001097864-26-000017?ref=quote

04AddedPart I, Item 2 › Executive Overview

Summary · quote-checked

Added disclosure references Synaptics equity awards, performance-based vesting adjustments, and Board approval of a merger and related stock issuance.

The new paragraph discloses a merger agreement, issuance of common stock, and performance-based equity-award adjustments—new corporate events and obligations.

Why the model ranked it here

This discloses new commitments involving equity awards, performance-based vesting and issuance of the company’s common stock.

Filing text · FY2025 10-Q · filed Aug 4, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Aug 3, 2026

On June 25, 2026, we entered into an Agreement and Plan of Reorganization (the "Merger Agreement") with Sonic Acquisition Corp. and Synaptics Incorporated ("Synaptics"), pursuant to which Synaptics will become a wholly owned subsidiary of onsemi (the "Merger"). At the effective time of the Merger (the "Closing"), each outstanding share of Synaptics common stock, subject to limited exceptions set forth in the Merger Agreement, will be converted into the right to receive 1.350 shares of the Company's common stock. Based on the exchange ratio, we expect Synaptics stockholders will own approximately 12% of the combined company on a pro forma basis upon closing. The Merger Agreement also provides for our assumption of certain [added] Synaptics equity awards, subject to certain adjustments thereto in respect of, among other things, performance-based vesting conditions. Our Board of Directors unanimously approved the Merger Agreement and the issuance of our common stock in connection with the Merger.

Cite this change

"Synaptics equity awards, subject to certain adjustments thereto in respect of, among other things, performance-based vesting conditions. Our Board of Directors unanimously approved the Merger Agreement and the issuance of our common stock in connection with the Merger."

On Semiconductor, Form 10-Q for FY2026, Part I, Item 2, accession 0001097864-26-000017, filed 3 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1097864/000109786426000017/on-20260703.htm

Comparison: https://yearover.com/reports/on/0001097864-26-000017?ref=quote

05AddedPart I, Item 2 › Executive Overview

Summary · quote-checked

Added disclosure that HSR notifications were filed with the FTC and DOJ and describes the waiting-period deadline and possible extension.

The paragraph introduces a specific regulatory filing, agencies, deadline, and potential Second Request, establishing a new transaction-related regulatory obligation or dependency.

Why the model ranked it here

This provides concrete evidence that antitrust review of the proposed merger has begun and may involve further regulatory scrutiny.

Filing text · FY2025 10-Q · filed Aug 4, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Aug 3, 2026

[added] The parties' HSR notifications were filed with the FTC and DOJ on July 17, 2026. The 30-day waiting period following the parties' filings expires at 11:59 pm, Eastern Time, on August 17, 2026, unless extended by the issuance of a Second Request or earlier terminated by the FTC and DOJ.

Cite this change

"The parties' HSR notifications were filed with the FTC and DOJ on July 17, 2026. The 30-day waiting period following the parties' filings expires at 11:59 pm, Eastern Time, on August 17, 2026, unless extended by the issuance of a Second Request or earlier terminated by the FTC and DOJ."

On Semiconductor, Form 10-Q for FY2026, Part I, Item 2, accession 0001097864-26-000017, filed 3 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1097864/000109786426000017/on-20260703.htm

Comparison: https://yearover.com/reports/on/0001097864-26-000017?ref=quote

06AddedPart I, Item 2 › Executive Overview

Summary · quote-checked

Added disclosure that onsemi will appoint an independent director designated from Synaptics’ board after consultation and consideration of recommendations.

The paragraph introduces a merger-related board appointment obligation and specifies the selection and consultation process, changing disclosed governance commitments.

Why the model ranked it here

This adds a merger-related governance commitment that could change the composition of the company’s board.

Filing text · FY2025 10-Q · filed Aug 4, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Aug 3, 2026

[added] Pursuant to the Merger Agreement, at the Closing, onsemi will appoint one independent director, designated by onsemi from among those directors serving on the board of directors of Synaptics ("Synaptics Board") as of immediately prior to the Closing that have been proposed to onsemi by the Synaptics Board for consideration, with such selection to be made after reasonable consultation with, and reasonable consideration of the recommendations of, Synaptics.

Cite this change

"Pursuant to the Merger Agreement, at the Closing, onsemi will appoint one independent director, designated by onsemi from among those directors serving on the board of directors of Synaptics ("Synaptics Board") as of immediately prior to the Closing that have been proposed to onsemi by the Synaptics Board for consideration, with such selection to be made after reasonable consultation with, and reasonable consideration of the recommendations of, Synaptics."

On Semiconductor, Form 10-Q for FY2026, Part I, Item 2, accession 0001097864-26-000017, filed 3 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1097864/000109786426000017/on-20260703.htm

Comparison: https://yearover.com/reports/on/0001097864-26-000017?ref=quote

07AddedPart I, Item 2 › Overview

Summary · quote-checked

Added disclosure describing evaluation of debt and capital structure and potential liquidity, refinancing, share repurchase, and debt-maturity actions.

The new paragraph introduces substantive liquidity and financing activities, including refinancing, debt redemption or repurchase, share repurchases, and maturity extensions.

Why the model ranked it here

This signals active management of liquidity, refinancing, debt maturities and capital allocation through new financing actions.

Filing text · FY2025 10-Q · filed Aug 4, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Aug 3, 2026

We believe that our cash on hand, cash generated from operations, amounts available under the Revolving Credit Facility are adequate to meet our working capital requirements and other business needs for at least the next 12 months and thereafter for the foreseeable future. Because the pending Synaptics acquisition is structured as an all-stock transaction, the merger consideration is not expected to require a significant use of the Company's cash or other liquidity resources. The ultimate treatment of Synaptics' existing indebtedness following the closing of the transaction is unknown at this time [added] We continually evaluate our debt and capital structure and, when appropriate, we have completed and may in the future opportunistically undertake various measure to secure liquidity, repurchase shares of our common stock, reduce interest costs, amend, replace, renew, refinance, redeem or repurchase existing key financing arrangements and, in some cases, extend a portion of our debt maturities to continue to provide us additional operating flexibility.

Cite this change

"We continually evaluate our debt and capital structure and, when appropriate, we have completed and may in the future opportunistically undertake various measure to secure liquidity, repurchase shares of our common stock, reduce interest costs, amend, replace, renew, refinance, redeem or repurchase existing key financing arrangements and, in some cases, extend a portion of our debt maturities to continue to provide us additional operating flexibility."

On Semiconductor, Form 10-Q for FY2026, Part I, Item 2, accession 0001097864-26-000017, filed 3 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1097864/000109786426000017/on-20260703.htm

Comparison: https://yearover.com/reports/on/0001097864-26-000017?ref=quote

08AddedPart I, Item 2 › Gross Profit and Gross Margin

Summary · quote-checked

Added an MD&A explanation of the gross margin increase and its primary drivers for the six months ended July 3, 2026.

The new paragraph reports a 9.5-percentage-point margin increase and attributes it to changed inventory charges, write-offs, utilization, mix and volumes, adding substantive results disclosure.

Why the model ranked it here

This explains a major improvement in gross margin while also identifying continuing pressure from lower volumes in some markets.

Filing text · FY2025 10-Q · filed Aug 4, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Aug 3, 2026

[added] Our gross margin increased by 9.5 percentage points from 29.0% for the six months ended July 4, 2025 to 38.5% for the six months ended July 3, 2026. The increase was primarily driven by the absence of prior-year excess and obsolete inventory charges and a decrease in consumables write-offs, 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 9.5 percentage points from 29.0% for the six months ended July 4, 2025 to 38.5% for the six months ended July 3, 2026. The increase was primarily driven by the absence of prior-year excess and obsolete inventory charges and a decrease in consumables write-offs, 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 0001097864-26-000017, filed 3 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1097864/000109786426000017/on-20260703.htm

Comparison: https://yearover.com/reports/on/0001097864-26-000017?ref=quote

Show all 13 in Part I, Item 2 (5 more, in filing order)

What the company no longer says

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

2 material removals

Part I, Item 2 · MD&A

2 of 2 shown · In filing order, too few to rank

01RemovedPart I, Item 2 › Executive Overview

Summary · quote-checked

The current filing removes disclosure of six-month excess and obsolete inventory charges, work-in-progress inventory, consumables, supplies and unfulfilled obligations.

The removed paragraph disclosed specific inventory write-offs and obligations, changing the stated exposure and charges described in MD&A.

Filing text · FY2025 10-Q · filed Aug 4, 2025

[removed] Additionally, during the six months ended July 4, 2025, we recorded $235.8 million relating to excess and obsolete inventory charges, of which $230.3 million related to inventory primarily considered work in progress within the ISG reportable segment, as well as $45.7 million related to write-off of consumables, manufacturing supplies and obligations for certain unfulfilled purchase commitments due to the manufacturing capacity reduction actions associated with the 2025 Manufacturing Realignment Program. These charges were recorded within Cost of revenue in the Consolidated Statement of Operations.

Filing text · FY2026 10-Q · filed Aug 3, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"Additionally, during the six months ended July 4, 2025, we recorded $235.8 million relating to excess and obsolete inventory charges, of which $230.3 million related to inventory primarily considered work in progress within the ISG reportable segment, as well as $45.7 million related to write-off of consumables, manufacturing supplies and obligations for certain unfulfilled"

On Semiconductor, Form 10-Q for FY2025, Part I, Item 2, accession 0001097864-25-000013, filed 4 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1097864/000109786425000013/on-20250704.htm

Comparison: https://yearover.com/reports/on/0001097864-26-000017?ref=quote

02RemovedPart I, Item 2 › Executive Overview

Summary · quote-checked

Removed disclosure of charges for purchase commitments tied to manufacturing capacity reductions under the 2025 Manufacturing Realignment Program.

The removed paragraph disclosed a purchase-commitment obligation and related charges, changing the substance of the company’s reported commitments and expenses.

Filing text · FY2025 10-Q · filed Aug 4, 2025

Additionally, during the six months ended July 4, 2025, we recorded $235.8 million relating to excess and obsolete inventory charges, of which $230.3 million related to inventory primarily considered work in progress within the ISG reportable segment, as well as $45.7 million related to write-off of consumables, manufacturing supplies and obligations for certain unfulfilled [removed] purchase commitments due to the manufacturing capacity reduction actions associated with the 2025 Manufacturing Realignment Program. These charges were recorded within Cost of revenue in the Consolidated Statement of Operations.

Filing text · FY2026 10-Q · filed Aug 3, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"purchase commitments due to the manufacturing capacity reduction actions associated with the 2025 Manufacturing Realignment Program. These charges were recorded within Cost of revenue in the Consolidated Statement of Operations."

On Semiconductor, Form 10-Q for FY2025, Part I, Item 2, accession 0001097864-25-000013, filed 4 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1097864/000109786425000013/on-20250704.htm

Comparison: https://yearover.com/reports/on/0001097864-26-000017?ref=quote

What the company says differently

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

46 material changes

Part I, Item 2 · MD&A

5 of 46 shown · Ordered by the model, quote-checked

01ChangedPart I, Item 2 › Overview

Summary · quote-checked

Financing cash flows changed from use to provision, with the change attributed to issuing $1.5 billion 2031 0% Notes.

The statement reverses cash-flow direction, replaces the share-repurchase driver, and introduces a new debt issuance and related obligation.

Why the model ranked it here

Financing cash flow reversed and now reflects a new notes issuance, introducing a significant debt obligation and changing the funding profile.

Filing text · FY2025 10-Q · filed Aug 4, 2025

Our cash flows ~~[removed] used in~~ financing activities were ~~[removed] $617.7 million and $283.5~~ million for the six months ended July ~~[removed] 4, 2025 and June 28, 2024, respectively. The increase of $334.2~~ million was primarily attributable to ~~[removed] increased share repurchases during the six months ended July 4, 2025 compared to the same period in 2024.~~

Filing text · FY2026 10-Q · filed Aug 3, 2026

Our cash flows [added] provided by financing activities were [added] $678.1 million for the six months ended July [added] 3, 2026 and our cash flows used in financing activities were $617.7 million for the six months ended July 4, 2025. The change of $1,295.8 million was primarily attributable to [added] the issuance of the $1.5 billion 2031 0% Notes during the six months ended July 3, 2026.

Cite this change

"Our cash flows provided by financing activities were $678.1 million for the six months ended July 3, 2026 and our cash flows used in financing activities were $617.7 million for the six months ended July 4, 2025. The change of $1,295.8 million was primarily attributable to the issuance of the $1.5 billion 2031 0% Notes during the six months ended July 3, 2026."

On Semiconductor, Form 10-Q for FY2026, Part I, Item 2, accession 0001097864-26-000017, filed 3 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1097864/000109786426000017/on-20260703.htm

Comparison: https://yearover.com/reports/on/0001097864-26-000017?ref=quote

02ChangedPart I, Item 2 › Overview

Summary · quote-checked

Added disclosure that the pending Synaptics acquisition is expected to use little liquidity, while treatment of Synaptics’ existing debt remains unknown.

The paragraph adds a specific transaction, its expected liquidity impact, and uncertainty regarding existing indebtedness, changing the disclosed liquidity and obligation profile.

Why the model ranked it here

The pending acquisition adds a specific transaction to the liquidity discussion while leaving the treatment of the target’s existing debt unresolved.

Filing text · FY2025 10-Q · filed Aug 4, 2025

We believe that our cash on hand, cash generated from ~~[removed] our operations and the~~ amounts available under the Revolving Credit Facility are adequate to meet our working capital requirements and other business needs for at least the next 12 months and thereafter for the foreseeable future.

Filing text · FY2026 10-Q · filed Aug 3, 2026

We believe that our cash on hand, cash generated from [added] operations, amounts available under the Revolving Credit Facility are adequate to meet our working capital requirements and other business needs for at least the next 12 months and thereafter for the foreseeable future.[added] Because the pending Synaptics acquisition is structured as an all-stock transaction, the merger consideration is not expected to require a significant use of the Company's cash or other liquidity resources. The ultimate treatment of Synaptics' existing indebtedness following the closing of the transaction is unknown at this time We continually evaluate our debt and capital structure and, when appropriate, we have completed and may in the future opportunistically undertake various measure to secure liquidity, repurchase shares of our common stock, reduce interest costs, amend, replace, renew, refinance, redeem or repurchase existing key financing arrangements and, in some cases, extend a portion of our debt maturities to continue to provide us additional operating flexibility.

Cite this change

"Because the pending Synaptics acquisition is structured as an all-stock transaction, the merger consideration is not expected to require a significant use of the Company's cash or other liquidity resources. The ultimate treatment of Synaptics' existing indebtedness following the closing of the transaction is unknown at this time"

On Semiconductor, Form 10-Q for FY2026, Part I, Item 2, accession 0001097864-26-000017, filed 3 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1097864/000109786426000017/on-20260703.htm

Comparison: https://yearover.com/reports/on/0001097864-26-000017?ref=quote

03ChangedPart I, Item 2 › Overview

Summary · quote-checked

Replaced a statement of no meaningful near-term debt maturities with the maturity and potential early settlement terms of the 0% Notes.

The current paragraph discloses a specific debt instrument and its maturity, repurchase, redemption, and conversion terms, changing the disclosed debt obligation.

Why the model ranked it here

The liquidity discussion now identifies specific notes and their maturity, repurchase, redemption, and conversion features instead of describing near-term debt as immaterial.

Filing text · FY2025 10-Q · filed Aug 4, 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 Aug 3, 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 0001097864-26-000017, filed 3 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1097864/000109786426000017/on-20260703.htm

Comparison: https://yearover.com/reports/on/0001097864-26-000017?ref=quote

04ChangedPart I, Item 2 › Overview

Summary · quote-checked

Reported cash and short-term investments and available Revolving Credit Facility borrowings increased, while the reporting date rolled forward.

The updated liquidity figures change the stated amount of available resources, giving readers a different conclusion about liquidity capacity; the date change alone is boilerplate.

Why the model ranked it here

The reported cash resources and available borrowing capacity increased, materially changing the stated liquidity cushion.

Filing text · FY2025 10-Q · filed Aug 4, 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] $2.8~~ billion as of July ~~[removed] 4, 2025,~~ and the Revolving Credit Facility has approximately ~~[removed] $1.1~~ billion available for future borrowings.

Filing text · FY2026 10-Q · filed Aug 3, 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] $3.9 billion as of July [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 $3.9 billion as of July 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 0001097864-26-000017, filed 3 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1097864/000109786426000017/on-20260703.htm

Comparison: https://yearover.com/reports/on/0001097864-26-000017?ref=quote

05ChangedPart I, Item 2 › Revenue

Summary · quote-checked

Revenue shifted from a year-over-year decrease to an increase attributed to increased demand, while distributor concentration rose to 13%.

The reported direction and stated driver changed, and distributor concentration changed from 11% to 13%, altering the disclosure about revenue performance and customer dependency.

Why the model ranked it here

Revenue shifted from contraction to growth while distributor concentration increased, changing both the operating trajectory and customer-dependency disclosure.

Filing text · FY2025 10-Q · filed Aug 4, 2025

Revenue was ~~[removed] $2,914.4~~ million and ~~[removed] $3,597.9~~ million for the six months ended July ~~[removed] 4, 2025 and June 28, 2024,~~ respectively, representing ~~[removed] a decrease of $683.5~~ million, or approximately ~~[removed] 19%,~~ year over ~~[removed] year.~~ We had one customer, a distributor, whose revenue accounted for approximately 11% of our total revenue for the six months ended July ~~[removed] 4, 2025 and June 28, 2024.~~

Filing text · FY2026 10-Q · filed Aug 3, 2026

Revenue was [added] $3,116.8 million and [added] $2,914.4 million for the six months ended July [added] 3, 2026 and July 4, 2025, respectively, representing [added] an increase of $202.4 million, or approximately [added] 7%, year over [added] year due to increased demand across all end-markets. We had one customer, a distributor, whose revenue accounted for approximately [added] 13% and 11% of our total revenue for the six months ended July [added] 3, 2026 and July 4, 2025, respectively.

Cite this change

"Revenue was $3,116.8 million and $2,914.4 million for the six months ended July 3, 2026 and July 4, 2025, respectively, representing an increase of $202.4 million, or approximately 7%, year over year due to increased demand across all end-markets. We had one customer, a distributor, whose revenue accounted for approximately 13% and 11% of our total revenue for the six months ended July 3, 2026 and July 4, 2025, respectively."

On Semiconductor, Form 10-Q for FY2026, Part I, Item 2, accession 0001097864-26-000017, filed 3 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1097864/000109786426000017/on-20260703.htm

Comparison: https://yearover.com/reports/on/0001097864-26-000017?ref=quote

Show all 46 in Part I, Item 2 (41 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

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