ON Semiconductor reported second quarter 2026 revenue of $1.604 billion, up 9% year-over-year, beating Wall Street estimates. Its non-GAAP earnings per share came in at $0.74, above the consensus of roughly $0.71, while free cash flow quadrupled to $425.4 million. The Power Solutions Group generated $829 million in revenue, a 19% year-over-year increase, driven by growing demand for intelligent power management in AI data centers. The company announced plans to acquire Synaptics to bolster its capabilities in connected compute and physical AI applications.
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