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ON Semiconductor® ON Semiconductor Reports Record Revenue and Non - GAAP Earnings per Share for Second Quarter 2021 PHOENIX , Ariz . Aug. 2 , 2021 - ON Semiconductor Corporation ( Nasdaq : ON ) today announced results for the second quarter of 2021 with the following highlights : Record revenue of $ 1,669.9 million , an increase of 38 percent year - over - year GAAP diluted earnings per share of $ 0.42 as compared to $ 0.00 in the quarter a year ago Record non - GAAP diluted earnings per share of $ 0.63 as compared to $ 0.12 in the quarter a year ago GAAP gross margin of 38.3 percent increased 310 basis points quarter - over - quarter and 750 basis points year - over - year Non - GAAP gross margin of 38.4 percent increased 320 basis points quarter - over - quarter and 760 basis points year - over - year Record free cash flow of $ 383.2 million or 22.9 % of revenue " Our strong second quarter results were driven by solid execution and ongoing structural changes , in addition to a strong demand environment . We posted yet another quarter of non - GAAP gross margin expansion with margins increasing by 320 basis points quarter - over - quarter . We expect that the ongoing structural changes in the business should enable us to report strong results on a sustainable basis . While we are encouraged by our recent results , we will continue to transform the business to realize its full potential , " said Hassane El - Khoury , president and CEO of ON Semiconductor . " We continue to see accelerating demand for our products in our strategic automotive and industrial end - markets . As we continue to drive operational efficiencies in our manufacturing sites , we expect to see incremental supply and revenue growth in the second half of 2021. " Selected financial results for the quarter are shown below with comparable periods : GAAP Q1 2021 $ 1,481.7 35.2 % 8.5 % ( in millions , except per share data ) Revenue Gross Margin Operating Margin Net Income ( Loss ) Attributable to ON Semiconductor Corporation Diluted Earnings ( Loss ) Per Share Q2 2021 $ 1,669.9 38.3 % 16.9 % $ 184.1 $ 0.42 1 ON $ 89.9 $ 0.20 Q2 2020 $ 1,213.5 30.8 % 3.6 % ( $ 1.4 ) $ 0.00 Q2 2021 $ 1,669.9 38.4 % 19.6 % $ 275.8 $ 0.63 Non - GAAP Q1 2021 $ 1,481.7 35.2 % 13.3 % $ 151.3 $ 0.35 Q2 2020 $ 1,213.5 30.8 % 7.4 % $ 50.2 $ 0.12