ON Semiconductor Corporation: AI DC Growth Tracking Ahead of Overall AI Infra Spend - Well Placed for Outsized CY27 Growth; Fab Right Sets Up Additional GM Runway; Strong Op. Leverage Amplifying EPS Inflection

研报英文原文证据摘录

ON Semiconductor Corporation: AI DC Growth Tracking Ahead of Overall AI Infra Spend - Well Placed for Outsized CY27 Growth; Fab Right Sets Up Additional GM Runway; Strong Op. Leverage Amplifying EPS Inflection

J P M O R G A N North America Equity Research

04 August 2026

ON Semiconductor Corporation

AI DC Growth Tracking Ahead of Overall AI Infra Spend Not Rated

- Well Placed for Outsized CY27 Growth; Fab Right ON, ON US

Sets Up Additional GM Runway; Strong Op. Leverage Price (03 Aug 26):$80.40

Amplifying EPS Inflection

ON delivered a Jun-Q print above Street consensus across revenue, gross margin, Semiconductors & Semiconductor

and EPS, which in combination with an updated outlook reinforce our view of a Capital Equipment / IT Hardware

strengthening earnings trajectory as the cyclical recovery combines with structural Harlan Sur AC

tailwinds from AI data center content growth and Fab Right manufacturing (1-415) 315-6700

rationalization. Jun-Q revenue/GM/EPS of $1.6B/39.3%/$0.74 all exceeded harlan.sur@jpmorgan.com

Street consensus, with Sep-Q guidance implying continued sequential Mayur Ramdhani

acceleration across each metric. Notably, Jun-Q EPS grew ~4.2x revenue growth (1-212) 622-1664

mayur.ramdhani@jpmorgan.com

Y/Y (accelerating from ~3.5x in Mar-Q and ~2.9x in Dec-Q) - a strong

Apoorva Kumar

demonstration of the operating leverage embedded in ON’s business model. AI DC

(1-212) 270-0668

was again the standout growth vector in the quarter, with revenue on track to more apoorva.kumar@jpmorgan.com

than double in CY26 (an uptick from prior “doubling” commentary), and tracking J.P. Morgan Securities LLC

well ahead of ~80%+ hyperscaler capex growth expected for CY26. Given the

strong likelihood of this outperformance vs. overall hyperscaler spending