onsemi posts Q1 2026 revenue of $1.51B, AI data center growth, and strong cash returns despite GAAP loss

onsemi reported Q1 2026 revenue of $1.51 billion, slightly down sequentially but up 5% year-over-year, with AI data center revenue more than doubling. Despite a GAAP operating loss of 3.5%, non-GAAP operating margin remained strong at 19.1%, reflecting operational improvements and cost optimization. The company repurchased $346 million in shares, exceeding free cash flow, and expects continued growth driven by automotive, industrial, and AI markets. onsemi projects Q2 2026 revenue between $1.535 billion and $1.635 billion with improving margins and earnings per share of $0.65 to $0.77 on a non-GAAP basis.