Look, onsemi's FY2025 was a deep cyclical trough. Net revenue was $5,995.4 million, down about 15% from $7,082.3 million, and total gross margin fell to 33.1% from 45.4%. The compression was concentrated: Power Solutions margin fell roughly 2,250 bps over two years to 24.5% and Intelligent Sensing about 3,360 bps to 15.1%, while Analog and Mixed‑Signal rose about 460 bps to 51.1%.

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ON / The trough, and where the margin pain actually landed

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/p/p-day-20260716-on-src-on-cycle-trough-margins-rotation ↗

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2026-07-16T21:56:21.485Z