ON Semiconductor (ON) 10-K Summary — Year Ended Dec 31, 2023
ON Semiconductor Corporation filed its annual report for the period ended December 31, 2023. The company reported revenue, operating income, net income, and operating cash flow for the year.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
ON Semiconductor Corporation filed its annual report for the period ended December 31, 2023. The company reported revenue, operating income, net income, and operating cash flow for the year.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$8.3B
Revenue reported for the fiscal year.
Operating income
$2.5B
Income from operations reported for the year.
Net income
$2.2B
Net income reported for the year.
Operating cash flow
$2B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $6.7B | n/a |
| Dec 31, 2022 | $8.3B | +23.5% |
| Dec 31, 2023 | $8.3B | -0.9% |
Business overview
The company generates revenue through semiconductor products and solutions. It serves multiple markets including automotive, industrial, and other sectors, and operates manufacturing facilities globally. The business is subject to seasonality, government regulation, and environmental and social initiatives.
Financial performance
Revenue remained stable compared to the prior year, while operating income and net income were reported at levels consistent with the company's financial results. Operating cash flow was also reported for the period.
Material risks
The filing identifies risk factors in Item 1A, which include potential impacts from market conditions, operational challenges, and regulatory changes. The company also noted losses from divestitures and debt refinancing activities during the period.
Liquidity and capital
The company engaged in debt refinancing and prepayment activities, resulting in a loss on debt refinancing and prepayment. It also divested certain wafer manufacturing facilities, recognizing a loss on divestiture.
What to watch
Monitor the company's ability to maintain revenue stability and manage costs amid ongoing market and operational risks.