$ON Beats Q2 Estimates as AI Data Center Growth Accelerates

Onsemi delivered stronger-than-expected Q2 2026 results:
Revenue: $1.60 billion vs. $1.59 billion estimated, up 9% YoY
Adjusted EPS: $0.74 vs. $0.71 estimated, up 40% YoY
Free cash flow: $425.4 million , more than quadrupling YoY
Non-GAAP gross margin: 39.3% , up 170 basis points YoY
Operating cash flow: $459.7 million , up 150% YoY
For Q3, $ON expects revenue of $1.65–$1.75 billion , adjusted EPS of $0.81–$0.93 , and a non-GAAP gross margin of 40–42% .
The company says AI data centers remain its fastest-growing business, with related revenue expected to more than double in 2026. $ON also announced its planned acquisition of Synaptics.