ON Semiconductor

Q2 FY2026 EarningsQ2 FY26 beat consensus across all major metrics: revenue $1,604M vs. $1,589M expected, and non-GAAP gross margin 39.3% vs. 39.1% expected. Power Solutions Group (PSG) was the primary outperformer, with revenue up 19% YoY driven by AI data center demand. Q3 FY26 revenue guidance of $1,650M - $1,750M is notably above the Q2 level, and the midpoint of $0.87 non-GAAP EPS guidance significantly exceeds the recent trend, signaling accelerating momentum in AI infrastructure.