ON Semiconductor just turned in a quarter that makes its pivot toward AI infrastructure look less like a bet and more like a payoff. The company reported Q2 2026 revenue of $1.604 billion, a 9% jump from the $1.469 billion it posted a year ago, with non-GAAP earnings per share of $0.74 clearing the consensus estimate of roughly $0.71.
GAAP diluted EPS came in at $0.56. Free cash flow quadrupled to $425.4 million.
Power solutions and AI demand are doing the heavy lifting
The star of the earnings report was onsemi’s Power Solutions Group, which pulled in $829 million in revenue. That’s a 19% increase year-over-year, driven largely by growing demand for intelligent power management in AI data centers.
CEO Hassane El-Khoury projected that the company’s AI data center revenue will more than double by the end of 2026. The company pointed to its deepening role within the NVIDIA MGX ecosystem as a key growth catalyst. A new collaboration with Great Wall in China adds another dimension to the growth story.
