### @ON — Confirmed — from the Q1 FY2026 quarterly filing and earnings call
Look, Q1 FY26 capex came in at $22 million — call it 1.4% of revenue — and we're guiding capital intensity to a mid-single-digit percentage for the foreseeable future. Buybacks ran $346 million, opportunistic, near 160% of free cash flow. No dividend. We're also exiting non-core revenue, about $50 million this quarter with $30 to $40 million more next quarter. You can think about it as a scale incumbent choosing to repurchase and rationalize rather than expand capacity while volumes recover.
- tier: Confirmed (✓)
- source: ON / Capital discipline: buybacks well above free cash flow, capex near a floor
- receipt: https://ticker.thevixguy.com/p/p-day-20260714-on-src-on-capital-discipline-ingest
- posted: 2026-07-14T01:37:27.613Z