Equity Profile

ON

ON Semiconductor Corporation

Information TechnologySemiconductors$47.0B

Aug3Mon

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

ON Semiconductor Corporation is a leading supplier of semiconductor solutions, focusing on energy-efficient technologies. As the demand for advanced electronics, including AI and automotive applications, continues to grow, ON's role in providing essential components becomes increasingly important.

Key Metrics to Watch

EPS (Earnings Per Share)

EPS is a key indicator of the company's profitability and will help gauge its financial health this quarter.

N/A

Revenue Growth

Revenue growth reflects the company's ability to expand its market share and meet increasing demand for semiconductors.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

ON Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

75%

Avg EPS Surprise

+2.95%

Avg Stock Reaction

-2.45%

Last Quarter Recap

In Q1-2026, ON Semiconductor reported an EPS of $0.64, exceeding expectations by 4.58%. However, the stock experienced a slight decline of 0.96% the following day, indicating mixed market reactions.

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall, Wall Street is cautiously optimistic about ON Semiconductor's upcoming earnings, given its recent performance. However, the lack of analyst estimates leaves uncertainty regarding specific expectations.

Bull Case

If ON Semiconductor can demonstrate strong revenue growth and maintain or improve its gross margins, it could signal robust demand for its products, leading to a positive market reaction.

Bear Case

Conversely, if the company fails to meet revenue expectations or shows declining margins, it could raise concerns about its competitive position and lead to a negative stock response.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the reported revenue growth rate compared to last year?

Revenue growth is a critical indicator of ON's ability to capture market demand, and any significant deviation could impact investor sentiment.

How will gross margins be affected by current production costs?

Gross margins directly influence profitability; any decline could raise concerns about cost management and pricing power.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the impact of ON's recent product innovations, which could drive stronger-than-expected demand in key markets.

Supporting Evidence

Recent insider selling could indicate a lack of confidence in short-term performance, contrasting with optimistic market expectations.

The options market is pricing a larger move than historical averages, suggesting that traders anticipate significant volatility.

The company's historical EPS beat rate of 75% indicates a strong track record that may not be fully appreciated by analysts.

Key Risk

If revenue growth comes in below 5%, it could challenge the current bullish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate revolves around ON's ability to sustain growth amidst rising production costs and competitive pressures.

Bull Confirmed If

Demonstrating revenue growth of at least 10% year-over-year would confirm the bull case.

Bear Confirmed If

A decline in gross margins below 40% would support the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±17.25%

Historical Avg

±5.9%

Pricing rich

The options market is pricing in a significant potential move of over 17%, indicating that traders expect volatility around the earnings report.

Options are pricing ±11.9% while ON has averaged ±5.9% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.7%

30d HV

65.5%

Calls (295K)P/C Ratio: 0.29Puts (164K)

Edge

Insider Activity

Open-market trades by officers, directors, and 10%+ holders over the trailing 90 days.

Bought

$0.00

0 sh

0 insiders

Sold

$2.4M

30,000 sh

1 insider

Net

$2.4M

Net selling

Most Active Insiders· 1 open-market trade

Exec VP & CFOThad Trent
$2.4M
Net selling

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If ON beats expectations, history suggests a potential stock increase of around 0.7%, confirming strong demand and effective cost management.

In-Line / Cautious

If results are in line but management provides cautious commentary, the stock may react neutrally, reflecting uncertainty about future growth.

Miss

A miss could lead to a decline of approximately 11.9%, indicating investor concerns about the company's competitive position.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on new product launches and their expected impact on revenue.
2Insights into supply chain challenges and how they may affect production.
3Management's outlook on demand trends in the automotive and AI sectors.
4Comments on competitive pressures and pricing strategies.
5Updates on cost management initiatives and their impact on gross margins.

See the full picture

AI-powered briefs, options data, and 20 quarters of history — everything you need before earnings.

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Company Snapshot

Key Metrics to Watch

EPS (Earnings Per Share)

EPS is a key indicator of the company's profitability and will help gauge its financial health this quarter.

N/A

Revenue Growth

Revenue growth reflects the company's ability to expand its market share and meet increasing demand for semiconductors.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

ON Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

75%

Avg EPS Surprise

+2.95%

Avg Stock Reaction

-2.45%

Last Quarter Recap

In Q1-2026, ON Semiconductor reported an EPS of $0.64, exceeding expectations by 4.58%. However, the stock experienced a slight decline of 0.96% the following day, indicating mixed market reactions.

Management Promises & Guidance

Expectations

Wall Street Expectations

Bull Case

If ON Semiconductor can demonstrate strong revenue growth and maintain or improve its gross margins, it could signal robust demand for its products, leading to a positive market reaction.

Bear Case

Conversely, if the company fails to meet revenue expectations or shows declining margins, it could raise concerns about its competitive position and lead to a negative stock response.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the reported revenue growth rate compared to last year?

Revenue growth is a critical indicator of ON's ability to capture market demand, and any significant deviation could impact investor sentiment.

How will gross margins be affected by current production costs?

Gross margins directly influence profitability; any decline could raise concerns about cost management and pricing power.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the impact of ON's recent product innovations, which could drive stronger-than-expected demand in key markets.

Supporting Evidence

Recent insider selling could indicate a lack of confidence in short-term performance, contrasting with optimistic market expectations.

The options market is pricing a larger move than historical averages, suggesting that traders anticipate significant volatility.

The company's historical EPS beat rate of 75% indicates a strong track record that may not be fully appreciated by analysts.

Key Risk

If revenue growth comes in below 5%, it could challenge the current bullish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate revolves around ON's ability to sustain growth amidst rising production costs and competitive pressures.

Bull Confirmed If

Demonstrating revenue growth of at least 10% year-over-year would confirm the bull case.

Bear Confirmed If

A decline in gross margins below 40% would support the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±17.25%

Historical Avg

±5.9%

Pricing rich

The options market is pricing in a significant potential move of over 17%, indicating that traders expect volatility around the earnings report.

Options are pricing ±11.9% while ON has averaged ±5.9% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.7%

30d HV

65.5%

Calls (295K)P/C Ratio: 0.29Puts (164K)

Edge

Insider Activity

Open-market trades by officers, directors, and 10%+ holders over the trailing 90 days.

Bought

$0.00

0 sh

0 insiders

Sold

$2.4M

30,000 sh

1 insider

Net

$2.4M

Net selling

Most Active Insiders· 1 open-market trade

Exec VP & CFOThad Trent
$2.4M
Net selling

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If ON beats expectations, history suggests a potential stock increase of around 0.7%, confirming strong demand and effective cost management.

In-Line / Cautious

If results are in line but management provides cautious commentary, the stock may react neutrally, reflecting uncertainty about future growth.

Miss

A miss could lead to a decline of approximately 11.9%, indicating investor concerns about the company's competitive position.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on new product launches and their expected impact on revenue.
2Insights into supply chain challenges and how they may affect production.
3Management's outlook on demand trends in the automotive and AI sectors.
4Comments on competitive pressures and pricing strategies.
5Updates on cost management initiatives and their impact on gross margins.