ON Semiconductor stock gains on Truist price target cut and strong Q2 2026 figures

Published on 09/21/2026 at 12:41 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

ON Semiconductor stock closed at USD 69.98 on Nasdaq on September 18, 2026 after a 2.46 percent rise, amid a broader semiconductor rally. Q2 2026 revenue grew 9 percent year over year to USD 1,603.5 million, with EPS up strongly.

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ON Semiconductor Corporation stock (ISIN US6821891035) closed at USD 69.98 on Nasdaq on September 18, 2026, up 2.46 percent on the day, leaving the shares roughly midway between a 52-week low near USD 55.00 and a high around USD 84.00.

Analyst move from Truist and Q2 2026 fundamentals

According to a recent overview citing MarketBeat data referenced in a market wrap on September 20, 2026, ON Semiconductor shares traded between an intraday low of about USD 69.09 and a high near USD 70.00 on Nasdaq on September 18, 2026 before settling at a closing price of USD 69.98, with the move described as a roughly 2.46 percent gain that positions the stock between its 52-week extremes around USD 55.00 and USD 84.00.

As a key catalyst, a new analyst call from Truist set the tone heading into September 21, 2026, with the bank cutting its price target on ON Semiconductor stock from USD 91 to USD 75 while keeping a Hold rating, signaling more cautious upside expectations despite solid operational performance; this change was highlighted in coverage on September 20, 2026 by Ad-hoc-news.

According to an earnings summary of the latest results for the quarter ended July 3, 2026, ON Semiconductor reported Q2 2026 revenue of USD 1,603.5 million, representing an increase of 9 percent year over year and 6 percent sequentially, underscoring that the company is back to top-line growth after earlier cyclical softness in some end markets, as detailed in a filing-based overview at StockTitan.

The same Q2 2026 disclosure shows GAAP net income attributable to ON Semiconductor of USD 226.8 million, equal to diluted earnings per share of USD 0.56, compared with USD 0.41 diluted EPS in Q2 2025, meaning earnings per share rose about 36.6 percent year over year while revenue grew 9 percent, illustrating margin and efficiency gains.

Margins, cash generation and segment trends

For investors who focus on profitability, the company’s Q2 2026 GAAP gross margin stood at 38.4 percent and GAAP operating margin at 16.1 percent, levels that signal robust pricing and cost discipline for a power and sensing semiconductor manufacturer, as summarized from the same quarter report overview at StockTitan.

Free cash flow was a particular highlight: ON Semiconductor generated USD 425.4 million of free cash flow in Q2 2026, compared with USD 106.1 million in the prior-year quarter, expanding the free cash flow margin from approximately 7 percent to about 27 percent, a jump of 20 percentage points that demonstrates stronger cash conversion and capital discipline.

By business segment, the same Q2 2026 breakdown shows revenue of USD 829.0 million for the Power Solutions Group (PSG), up 19 percent year over year, USD 545.7 million for the Analog and Mixed-Signal Group (AMG), down 2 percent from the prior-year quarter, and USD 228.8 million for the Intelligent Sensing Group (ISG), up 7 percent, reflecting a mix where power solutions and sensing are driving growth while some analog areas remain softer.

Cash and cash equivalents were reported at USD 3,514.5 million as of July 3, 2026, against total debt of USD 4,459.4 million, indicating that while ON Semiconductor carries leverage, it also holds a sizable liquidity buffer that supports continued investment in capacity and technology.

Broader chip rally and upcoming pricing and earnings dates

The Q2 2026 results for ON Semiconductor came within a broader backdrop of strength in global semiconductor shares, with the Philadelphia Semiconductor Index rising about 2.78 percent on September 18, 2026 and gaining around 7 percent since September 14, 2026, according to a sector commentary on September 21, 2026 from Investing.com, which noted strong performance across leading chip names.

In parallel, a report on September 21, 2026 from a Taiwanese financial outlet described how ON Semiconductor plans to raise prices across a broad product series starting October 10, 2026, citing sustained increases in raw material, manufacturing, energy and infrastructure costs as well as robust demand from power, industrial and data center applications; this price adjustment was presented as the second upward revision this year and highlights the company’s intention to pass on higher costs while monetizing strong demand trends, as detailed by Investor.com.tw.

The same coverage noted that ON Semiconductor’s stock closed at USD 69.98 on September 18, 2026 with trading volume of roughly 20.5 million shares, more than twice the 50-day average volume, while the Philadelphia Semiconductor Index climbed 2.78 percent on the same day, underscoring that the company’s move came amid a broader rally in chip names rather than in isolation.

Looking ahead, MarketBeat data cited in a recent market wrap indicated an estimated next earnings date for ON Semiconductor of November 2, 2026, marking the next scheduled point at which the company’s financials will be updated and could trigger fresh analyst revisions and price reactions, as referenced in the September 21, 2026 article by Ad-hoc-news.

Stock level and key figures for investors

As of the close on September 18, 2026, ON Semiconductor stock’s reference price on its primary exchange Nasdaq stood at USD 69.98, with the shares having moved about 2.46 percent higher that day from the prior close and sitting between a 52-week low near USD 55.00 and a 52-week high around USD 84.00 in USD terms.