ON Semiconductor’s revenue in the fourth quarter of 2022 was US$2.1036 billion, a year-on-year increase of 14%. Net profit was US$604 million, a year-on-year increase of 42%. Fourth quarter GAAP gross margin was 48.5%, up 343 basis points year-over-year; non-GAAP gross margin was 48.4%.
Revenue in fiscal year 2022 reached US$8.3 billion, a year-on-year increase of 24%, also setting a record. 2022 GAAP gross margin is 49.0%, non-GAAP gross margin is 49.2%. FY 2022 free cash flow is up 22% year-over-year and represents 20% of revenue.
"ON Semiconductor has an excellent 2022 year as we continue to execute disciplinedly and transform. 2022 revenue growth of 24%, non-GAAP gross margin growth of 880 basis points, non-GAAP operating income growth four times faster than revenue growth, This is because we focus on the long-term megatrends of electric vehicles, ADAS, alternative energy and industrial automation. We are focused on our own key strategic initiatives, such as increasing silicon carbide to support the company's long-term supply agreement. Despite the current macroeconomic uncertainty, But the long-term outlook for the company's business remains strong, with our designs growing 38% year-over-year and channel wins," said Hassane El-Khoury, president and executive officer of onsemi.