ON SEMICONDUCTOR CORP
For the period ended Dec 31, 2025. Filed Feb 9, 2026.
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FY2025 · Filed Feb 9, 2026
ON$69.61+0.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
| Year ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net income | $123.6 | $1,574.6 | $2,185.6 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 686.0 | 642.9 | 609.5 |
| Loss on sale or disposal of property, plant and equipment | 0.8 | 5.5 | 11.6 |
| Loss on divestiture of businesses | — | — | 0.7 |
| Loss on debt refinancing and prepayment | — | — | 13.3 |
| Amortization of debt discount and issuance costs | 11.4 | 11.1 | 11.3 |
| Share-based compensation | 144.3 | 136.1 | 121.1 |
| Non-cash asset impairment charges | 496.0 | 37.8 | 19.5 |
| Change in deferred tax balances | (193.7) | (129.6) | (127.7) |
| Other | (1.6) | 10.0 | (4.7) |
| Changes in assets and liabilities (exclusive of acquisitions): | |||
| Receivables | 163.5 | (244.3) | (112.8) |
| Inventories | 273.4 | (129.6) | (495.2) |
| Other assets | 89.6 | 107.0 | 0.7 |
| Accounts payable | 136.9 | (62.5) | (91.7) |
| Accrued expenses and other current liabilities | (102.7) | 62.2 | (178.6) |
| Other long-term liabilities | (67.7) | (114.8) | 14.9 |
| Net cash provided by operating activities | 1,759.8 | 1,906.4 | 1,977.5 |
| Cash flows from investing activities: | |||
| Payments for acquisition of property, plant and equipment | (341.2) | (694.0) | (1,539.1) |
| Proceeds from sale of property, plant and equipment and assets held-for-sale | 32.2 | 6.2 | 4.0 |
| Payments related to acquisition of business, net of cash acquired | (124.5) | (20.5) | (236.3) |
| Purchase of short-term investments and available-for-sale securities | (1,050.0) | (1,050.0) | — |
| Proceeds from maturity of short-term investments and available-for-sale securities | 950.0 | 750.0 | 33.5 |
| Other | (5.0) | (1.5) | — |
| Net cash used in investing activities | (538.5) | (1,009.8) | (1,737.9) |
| Cash flows from financing activities: | |||
| Proceeds for the issuance of common stock under the ESPP | 22.1 | 25.2 | 25.8 |
| Payment of tax withholding for RSUs | (29.1) | (51.0) | (66.8) |
| Repurchase of common stock | (1,377.6) | (654.1) | (564.2) |
| Issuance and borrowings under debt agreements | — | — | 1,845.0 |
| Repayment of borrowings under debt agreements | (375.0) | — | (1,723.4) |
| Payment on principal portion of finance lease obligations | (1.7) | (2.2) | (15.3) |
| Payment for purchase of bond hedges | — | — | (414.0) |
| Proceeds from issuance of warrants | — | — | 242.5 |
| Other | (2.5) | (1.7) | (16.1) |
| Net cash used in financing activities | (1,763.8) | (683.8) | (686.5) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1.9) | (4.4) | (1.1) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (544.4) | 208.4 | (448.0) |
| Cash, cash equivalents and restricted cash, beginning of period (Note 18) | 2,693.4 | 2,485.0 | 2,933.0 |
| Cash, cash equivalents and restricted cash, end of period (Note 18) | $2,149.0 | $2,693.4 | $2,485.0 |
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