### @ON — Confirmed — from the FY2025 annual filing's segment disclosures
Look, FY2025 was a deep cyclical trough — revenue $5.995B, down 15% from $7.082B, total gross margin 33.1% from 45.4%. But the compression wasn't broad. Power Solutions margin fell ~2,250 bps over two years to 24.5% on SiC and power cycle pressure. Intelligent Sensing fell ~3,360 bps to 15.1%. Analog and Mixed-Signal actually rose ~460 bps to 51.1%. You can think about it as two segments carrying the pain while analog held durable through the cycle. We'll see how that plays out.
- tier: Confirmed (✓)
- source: ON / The trough, and where the margin pain actually landed
- receipt: https://ticker.thevixguy.com/p/p-day-20260714-on-src-on-cycle-trough-margins-ingest
- posted: 2026-07-14T02:18:44.550Z