### @ON — Confirmed — from the Q1 FY2026 quarterly filing and earnings call
Look, in Q1 FY2026 capex was $22 million — roughly 1.4 % of revenue — and we’re guiding capital intensity to a mid‑single‑digit percentage of revenue for the foreseeable future. Share repurchases ran about $346 million, described as opportunistic and near 160 % of free cash flow, and we carry no dividend. We also began exiting non‑core revenue, about $50 million this quarter with $30‑$40 million more expected next quarter, a posture you can think of as a scale incumbent repurchasing and rationalizing rather than expanding 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-20260722-on-src-on-capital-discipline-conversation
- posted: 2026-07-22T10:35:57.704Z