ON SEMICONDUCTOR CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ON SEMICONDUCTOR CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,907	5,543	5,878	5,518	5,255	6,740	8,326	8,253	7,082	5,995
Cost of revenue	2,606	3,508	3,640	3,544	3,539	4,026	4,249	4,370	3,866	4,012
Gross profit	1,301	2,036	2,239	1,974	1,716	2,714	4,077	3,884	3,216	1,984
Research and development	447	595	651	641	643	655	600	577	613	584
Selling and marketing	237	317	325	301	279	294	288	279	274	256
General and administrative	230	285	293	284	259	305	343	362	376	349
Operating expenses	1,054	1,354	1,392	1,541	1,367	1,427	1,717	1,345	1,448	1,900
Operating income	247	682	847	433	349	1,288	2,360	2,539	1,768	84.2
Interest expense	145	141	128	148	168	130	94.9	74.8	62.3	70.9
Interest income	4.5	3	6.1	10.2	4.9	1.4	15.5	93.1	111	95.1
Other non-operating income	-66.2	-134	-92.2	-156	-172	-130	2.2	-2.9	69.7	47.1
Pre-tax income	181	548	755	277	177	1,158	2,362	2,536	1,837	131
Income tax	-3.9	-266	125	62.7	-59.8	147	458	350	263	7.7
Net income to minority interests	2.4	2.3	2.5	2.2	2.2	1.6	1.6	1.9	1.8	2.6
Net income	182	811	627	212	234	1,010	1,902	2,184	1,573	121
EBITDA	611	1,164	1,356	1,026	974	1,884	2,912	3,148	2,411	770
EPS, basic	0.44	1.92	1.48	0.52	0.57	2.37	4.39	5.07	3.68	0.29
EPS, diluted	0.43	1.89	1.44	0.51	0.56	2.27	4.25	4.89	3.63	0.29
Shares, basic (weighted)	415	422	424	411	411	426	433	431	427	411
Shares, diluted (weighted)	420	428	436	416	419	444	448	447	433	412

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,028	949	1,070	894	1,081	1,353	2,919	2,483	2,691	2,148
Short-term investments								0	300	400
Receivables	630	702	686	705	676	809	842	935	1,160	908
Inventory	1,030	1,090	1,225	1,232	1,251	1,380	1,617	2,112	2,242	1,990
Other current assets	181	193	187	188	176	240	351	382	353	353
Total current assets	2,869	2,933	3,168	3,020	3,184	3,782	5,729	5,912	6,752	5,823
Property, plant and equipment	2,159	2,279	2,550	2,592	2,512	2,524	3,451	4,402	4,361	3,369
Lease right-of-use assets				110	136	170	262	247	250	201
Goodwill	925	917	933	1,659	1,663	1,938	1,578	1,578	1,588	1,680
Intangible assets	762	628	566	591	469	496	360	299	258	344
Other non-current assets	70.5	98.5	105	256	410	498	439	381	360	356
Total assets	6,924	7,195	7,588	8,426	8,668	9,626	11,979	13,215	14,090	12,524
Accounts payable	434	548	672	544	573	635	852	726	575	572
Accrued liabilities	405	613	659	539	570	735	1,047	663	760	715
Deferred revenue	110	0					60.5	87.6	98.2	51.8
Short-term debt	554	248	139	736	532	161	148	794	0	0
Total current liabilities	1,503	1,409	1,469	1,818	1,675	1,543	2,061	2,184	1,335	1,288
Long-term debt	3,069	2,704	2,628	2,877	2,960	2,914	3,046	2,543	3,346	2,981
Lease liabilities				87.9	116	142	247	231	245	215
Other non-current liabilities	187	226	242	346	418	511	607	627	536	499
Total liabilities	5,047	4,394	4,394	5,101	5,110	5,022	5,772	5,415	5,275	4,832
Total debt	3,807	3,175	2,939	3,749	3,590	3,258	3,228	3,380	3,346	2,981
Paid-in capital	3,473	3,594	3,702	3,810	4,133	4,633	4,671	5,211	5,372	5,539
Retained earnings	-527	352	980	1,191	1,426	2,435	4,364	6,548	8,121	8,242
Treasury stock	-1,078	-1,131	-1,478	-1,651	-1,968	-2,448	-2,830	-3,937	-4,641	-6,058
Other comprehensive income	-50.2	-40.6	-37.9	-54.3	-57.6	-40.6	-23.2	-45.2	-62.4	-55.5
Shareholders' equity	1,823	2,779	3,172	3,302	3,539	4,585	6,189	7,783	8,796	7,673
Minority interests	21.8	22.2	22.5	22.4	19.6	19	18.5	18	18.1	18.6
Total equity	1,845	2,801	3,194	3,324	3,558	4,604	6,207	7,801	8,815	7,692
Total liabilities and equity	6,924	7,195	7,588	8,426	8,668	9,626	11,979	13,215	14,090	12,524
Shares outstanding	419	425	414	411	412	432	432	426	423	397

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	185	813	630	214	236	1,011	1,904	2,186	1,575	124
Depreciation and amortization	364	482	509	593	625	597	552	610	643	686
Stock-based compensation	56.1	69.8	78.3	79.4	67.7	101	101	121	136	144
Change in receivables	28.1	-57.9	-2.7	4.7	31.4	-136	-47.8	-113	-244	164
Change in inventory	-7.9	-59.9	-130	34.6	-26.3	-123	-235	-495	-130	273
Change in payables	42.4	51.8	44.8	-79.9	34.2	70.7	38.2	-91.7	-62.5	137
Cash from operations	581	1,094	1,274	695	884	1,782	2,633	1,978	1,906	1,760
Capital expenditures	-211	-388	-515	-535	-384	-445	-1,036	-1,539	-694	-341
Acquisitions	-2,284	-0.8	-70.9	-888				-236	-20.5	-125
Purchases of investments	0	0	-24.6	0	0	-48.9	-18	0	-1,050	-1,050
Cash from investing	-2,436	-365	-549	-1,511	-454	-915	-705	-1,738	-1,010	-539
Debt issued	2,587	1,106	15.3	1,405	1,858	787	500	1,845	0	0
Debt repaid	-314	-1,831	-298	-594	-2,024	-1,271	-530	-1,723	0	-375
Stock issued	14.9	18	5.7	1.7	0	0
Share buybacks	0	-25	-315	-139	-65.4	0	-260	-564	-654	-1,378
Cash from financing	2,265	-811	-605	623	-244	-569	-370	-687	-684	-1,764
Exchange rate effect	-0.8	2.3	0.3	0.2	0.6	-1.3	-2.4	-1.1	-4.4	-1.9
Net change in cash	409	-79.2	121	-193	187	296	1,555	-448	208	-544
Free cash flow	370	707	759	160	501	1,337	1,597	438	1,212	1,419
Interest paid	107	92.1	80	97.2	109	96.9	80.7	73.2	62.7	58.3
Income taxes paid	27.3	67.8	53.2	62.9	52.5	88.2	443	428	348

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 3, 2026; growth uses fiscal years. Valuation uses the share price of $77.20 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	37.7%	Gross profit / revenue.
Operating margin	10.8%	Operating income / revenue.
EBITDA margin	23.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	10.2%	Net income / revenue.
FCF margin	24.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	27.0%	Cash from operations / revenue.
Return on equity (ROE)	8.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.7%	Net income / average total assets.
Return on invested capital (ROIC)	6.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	9.0%	Research and development expense / revenue.
Stock-based pay / revenue	2.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.8%	Capital expenditures / revenue.
D&A / revenue	12.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-15.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-10.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-38.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-21.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	2.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-95.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-67.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-24.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-68.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-35.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-4.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-92.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-60.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-12.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-92.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-59.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-12.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-7.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-12.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	14.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	17.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-3.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	23.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-12.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	7.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	16.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-11.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.46x	Current assets / current liabilities.
Quick ratio	2.27x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.84x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.62x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	33.4%	Total debt / total assets.
Liabilities / assets	46.3%	Total liabilities / total assets.
Net debt	$640.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.44x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	10.9x	Operating income / interest expense.
Working capital	$5.18B	Current assets - current liabilities.
Goodwill and intangibles / assets	15.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$5.20B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.46x	Revenue / average total assets.
Fixed asset turnover	2.12x	Revenue / average property, plant and equipment.
Inventory turnover	1.89x	Cost of revenue / average inventory.
Days inventory	194 days	365 x average inventory / cost of revenue.
Receivables turnover	6.91x	Revenue / average receivables.
Days sales outstanding	53 days	365 x average receivables / revenue.
Days payables	47 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	199 days	Days inventory + days sales outstanding - days payables.
FCF conversion	238.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	10.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.56	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$15.33	Revenue / diluted weighted shares.
FCF per share	$3.71	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.13	Cash from operations / diluted weighted shares.
Book value per share	$18.54	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$13.36	Tangible book value / shares outstanding.
Cash per share	$9.93	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	97.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$30.05B	Share price x shares outstanding.
Enterprise value	$30.70B	Market cap + total debt - cash - short-term investments.
P/E	47.7x	Market cap / net income. Only when net income is positive.
P/S	4.85x	Market cap / revenue.
P/B	4.16x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.78x	Market cap / tangible book value, when positive.
P/FCF	20.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	18.0x	Market cap / cash from operations, when positive.
EV/Sales	4.95x	Enterprise value / revenue.
EV/EBIT	45.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	21.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	20.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.0%	Free cash flow / market cap.
Earnings yield	2.1%	Net income / market cap (the inverse of P/E).
Shareholder yield	4.9%	(Dividends paid + share buybacks) / market cap.

What was ON SEMICONDUCTOR CORP's revenue in fiscal 2025?

ON SEMICONDUCTOR CORP reported revenue of $6.00B for fiscal 2025, 15.3% lower than the year before.

Was ON SEMICONDUCTOR CORP profitable in fiscal 2025?

Yes. Net income was $121.0M, a net margin of 2%.

How much free cash flow did ON SEMICONDUCTOR CORP generate in fiscal 2025?

Cash from operations of $1.76B minus capital expenditures of $341.2M left free cash flow of $1.42B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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