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For the third quarter of 2026, ON projects revenues between $1.65 billion and $1.75 billion. Non-GAAP earnings are projected to be between 81 cents and 93 cents per share. Non-GAAP gross margin is expected to be in the range of 40-42%.
The Zacks Consensus Estimate for third-quarter 2026 earnings has increased by a penny to 88 cents per share over the past 30 days, suggesting 39.68% growth from the figure reported in the year-ago quarter.
The Zacks Consensus Estimate for third-quarter revenues is pegged at $1.71 billion, indicating an increase of 10.02% from the figure reported in the year-ago quarter.
ON Semiconductor Corporation Price and EPS Surprise
ON’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters, delivering an average surprise of 3.98%.
Let’s see how things have shaped up for the upcoming announcement.
Factors Likely to Have Influenced Q3 Performance
ON Semiconductor’s third-quarter 2026 performance is expected to have benefited from accelerating demand for artificial intelligence (AI) data center infrastructure, improving automotive semiconductor demand, expanding energy infrastructure investments and strengthening manufacturing efficiencies.
Strong demand for AI data center power management solutions is expected to be a major growth driver. ON Semiconductor’s expanding presence in NVIDIA’s MGX ecosystem, coupled with power supply platform wins at Great Wall and design wins supporting Amazon Web Services’ power supply and battery backup systems, is likely to have strengthened its AI infrastructure business. Increasing adoption of silicon carbide (SiC) solutions, high-voltage power technologies and advanced power delivery architectures is expected to have supported growth. Management expects AI data center revenues to more than double in 2026. The Other segment, which includes AI data center revenues, is projected to grow in the high teens sequentially in the third quarter of 2026.
The automotive business is expected to have benefited from improving demand in China, increasing semiconductor content per vehicle and expanding adoption of SiC technologies. Strong traction with Chinese automakers, including Geely, Zeekr and Xiaomi, alongside expanding opportunities with Rivian, is likely to have supported growth. ON Semiconductor expects its automotive revenues to increase in the low single digits sequentially in the third quarter. Growing adoption of Treo analog and mixed-signal technologies, including automotive Ethernet and advanced sensing solutions, is also expected to have contributed positively to third-quarter performance.
The industrial business is likely to have benefited from growing investments in energy infrastructure, energy storage systems, medical applications and factory automation. Increasing demand for efficient power conversion solutions, supported by AI-related electricity requirements, is expected to have created additional opportunities. However, industrial revenues are projected to remain relatively flat sequentially.
However, ON’s third-quarter 2026 performance is likely to be hurt by rising raw material and external manufacturing costs, supply constraints, sluggish traditional industrial demand and higher operating expenses.
What Our Model Says
Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the odds of an earnings beat. That’s the exact case here.
ON has an Earnings ESP of +5.68% and a Zacks Rank #3 at present. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Other Stocks to Consider
Here are some companies worth considering, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases:
View the Zacks #1 Rank List
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Onsemi to Report Q3 Earnings: What's in Store for the Stock?
Key Takeaways
On Semiconductor (ON - Free Report) or onsemi is set to report its third-quarter 2026 results on Nov. 2.
For the third quarter of 2026, ON projects revenues between $1.65 billion and $1.75 billion. Non-GAAP earnings are projected to be between 81 cents and 93 cents per share. Non-GAAP gross margin is expected to be in the range of 40-42%.
The Zacks Consensus Estimate for third-quarter 2026 earnings has increased by a penny to 88 cents per share over the past 30 days, suggesting 39.68% growth from the figure reported in the year-ago quarter.
The Zacks Consensus Estimate for third-quarter revenues is pegged at $1.71 billion, indicating an increase of 10.02% from the figure reported in the year-ago quarter.
ON Semiconductor Corporation Price and EPS Surprise
ON Semiconductor Corporation price-eps-surprise | ON Semiconductor Corporation Quote
ON’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters, delivering an average surprise of 3.98%.
Let’s see how things have shaped up for the upcoming announcement.
Factors Likely to Have Influenced Q3 Performance
ON Semiconductor’s third-quarter 2026 performance is expected to have benefited from accelerating demand for artificial intelligence (AI) data center infrastructure, improving automotive semiconductor demand, expanding energy infrastructure investments and strengthening manufacturing efficiencies.
Strong demand for AI data center power management solutions is expected to be a major growth driver. ON Semiconductor’s expanding presence in NVIDIA’s MGX ecosystem, coupled with power supply platform wins at Great Wall and design wins supporting Amazon Web Services’ power supply and battery backup systems, is likely to have strengthened its AI infrastructure business. Increasing adoption of silicon carbide (SiC) solutions, high-voltage power technologies and advanced power delivery architectures is expected to have supported growth. Management expects AI data center revenues to more than double in 2026. The Other segment, which includes AI data center revenues, is projected to grow in the high teens sequentially in the third quarter of 2026.
The automotive business is expected to have benefited from improving demand in China, increasing semiconductor content per vehicle and expanding adoption of SiC technologies. Strong traction with Chinese automakers, including Geely, Zeekr and Xiaomi, alongside expanding opportunities with Rivian, is likely to have supported growth. ON Semiconductor expects its automotive revenues to increase in the low single digits sequentially in the third quarter. Growing adoption of Treo analog and mixed-signal technologies, including automotive Ethernet and advanced sensing solutions, is also expected to have contributed positively to third-quarter performance.
The industrial business is likely to have benefited from growing investments in energy infrastructure, energy storage systems, medical applications and factory automation. Increasing demand for efficient power conversion solutions, supported by AI-related electricity requirements, is expected to have created additional opportunities. However, industrial revenues are projected to remain relatively flat sequentially.
However, ON’s third-quarter 2026 performance is likely to be hurt by rising raw material and external manufacturing costs, supply constraints, sluggish traditional industrial demand and higher operating expenses.
What Our Model Says
Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the odds of an earnings beat. That’s the exact case here.
ON has an Earnings ESP of +5.68% and a Zacks Rank #3 at present. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Other Stocks to Consider
Here are some companies worth considering, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases:
AMETEK (AME - Free Report) has an Earnings ESP of +0.20% and a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
AMETEK shares have gained 22.6% year to date. AMETEK is set to report third-quarter 2026 results on Nov. 3.
Affirm (AFRM - Free Report) has an Earnings ESP of +11.03% and a Zacks Rank #2 at present.
Affirm shares have gained 0.5% year to date. Affirm is scheduled to report first-quarter fiscal 2027 results on Nov. 5.
Cametek (CAMT - Free Report) has an Earnings ESP of +0.85% and a Zacks Rank #2 at present.
Cametek shares have gained 19.1% in the year-to-date period. Cametek is set to report third-quarter 2026 results on Nov. 4.