Monolithic Power Systems Provides Earnings Commentary for the Quarter and Year Ended December 31, 2025
Rhea-AI Summary
Monolithic Power Systems (NASDAQ:MPWR) reported record 2025 revenue of $2.79B, up 26.4% YoY, with GAAP net income of $615.9M and diluted GAAP EPS of $12.75. Non-GAAP net income was $858.4M and EPS $17.77. Q4 revenue was $751.2M.
Management provided Q1 2026 revenue guidance of $770M–$790M, non-GAAP tax rate of 15%, and a 28% increase to the quarterly dividend to $2.00 per share.
Positive
- Revenue +26.4% YoY to $2.79B
- Record Q4 revenue of $751.2M
- Non-GAAP EPS +25.8% to $17.77
- Strong cash balance: $1.26B
- Dividend up 28% to $2.00 per share
Negative
- GAAP net income down 65.5% YoY to $615.9M
- Diluted GAAP EPS down 65.2% to $12.75
- Operating cash flow fell to $104.9M in Q4
- Internal inventory up 11.6% QoQ to $564.6M
Key Figures
Market Reality Check
Peers on Argus
MPWR is down 2.4% with high volume, while close peers are mixed: ALAB -8.85%, MRVL -1.69%, ASX -2.72% versus MCHP +0.81% and NXPI +3.38%, pointing to a stock-specific reaction rather than a uniform sector move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 14 | Earnings date notice | Neutral | +0.0% | Set reporting date and Q&A webinar details for Q4 and full-year 2025. |
| Dec 12 | Dividend declaration | Positive | +0.3% | Announced Q4 2025 cash dividend of <b>$1.56</b> per share to holders of record. |
| Oct 30 | Earnings commentary | Positive | -0.6% | Reported Q3 2025 revenue and EPS growth with solid margins and cash flow. |
| Oct 30 | Q3 2025 earnings | Positive | -0.6% | Released full Q3 2025 results and Q4 guidance including revenue and margin outlook. |
| Oct 09 | Earnings call schedule | Neutral | -7.6% | Scheduled Q3 2025 results release and investor webcast for late October. |
Recent earnings-related releases have often seen modest negative or muted price reactions, even when reporting growth and solid margins.
Over the past few months, MPWR’s news flow has centered on earnings and capital returns. Q3 2025 results on Oct 30, 2025 showed strong revenue and EPS growth, yet the stock slipped about 0.6%. An earlier Q3 earnings date announcement on Oct 9, 2025 coincided with a larger -7.64% move. Dividend news on Dec 12, 2025 and the February 2026 earnings date notice had small positive reactions. Today’s detailed 2025/Q4 2025 commentary fits this pattern of fundamental strength with mixed price follow-through.
Market Pulse Summary
This announcement details another year of growth, with 2025 revenue reaching $2.79B and non-GAAP EPS of $17.77, alongside record Q4 2025 revenue of $751.2M. Management also guided Q1 2026 revenue to $770–$790M and raised the quarterly dividend to $2.00 per share. Investors may track how end-market mix, inventories of $564.6M, and operating cash flow of $104.9M evolve, as well as whether non-GAAP strength eventually translates into more stable GAAP earnings growth.
Key Terms
gaap financial
non-gaap financial
stock-based compensation financial
operating cash flow financial
AI-generated analysis. Not financial advice.
SCHAFFHAUSEN, Switzerland, Feb. 05, 2026 (GLOBE NEWSWIRE) -- MPS reported its results after market close on February 5, 2026 and will host a question-and-answer webinar at 2:00 p.m. PT / 5:00 p.m. ET. The webinar can be accessed at https://mpsic.zoom.us/j/99373894222.
| 2025 Financial Summary | (Unaudited) |
| GAAP |
| 2025 | 2024 | YoY Change | YoY Change (%) | |||
| Revenue ($k) | ||||||
| Gross Margin | (0.1) pts | (0.2)% | ||||
| Opex ($k) | ||||||
| Operating Margin | 1.7 pts | |||||
| Net income ($k) | (65.5)% | |||||
| Diluted EPS | (65.2)% | |||||
| Non-GAAP |
| 2025 | 2024 | YoY Change | YoY Change (%) | |||
| Revenue ($k) | ||||||
| Gross Margin | (0.3) pts | (0.5)% | ||||
| Opex ($k) | ||||||
| Operating Margin | 0.6 pts | |||||
| Net income ($k) | ||||||
| Diluted EPS | ||||||
| Tax Rate | 2.5 pts | |||||
| Revenue by End Market |
| Revenue | YoY Change | % of Revenue | |||||||
| End Market ($M) | 2025 | 2024 | $ | % | 2025 | 2024 | |||
| Storage & Computing | |||||||||
| Enterprise Data | 701.8 | 716.2 | (14.4) | (2.0)% | 25.2 | 32.5 | |||
| Automotive | 592.5 | 414.0 | 178.5 | 21.2 | 18.8 | ||||
| Communications | 309.1 | 225.9 | 83.2 | 11.1 | 10.2 | ||||
| Consumer | 255.2 | 202.0 | 53.2 | 9.1 | 9.1 | ||||
| Industrial | 199.4 | 147.4 | 52.0 | 7.1 | 6.7 | ||||
| Total | |||||||||
| Q4 2025 Financial Summary | (Unaudited) |
| GAAP |
| Q4'25 | Q3'25 | Q4'24 | QoQ Change | YoY Change | ||
| Revenue ($k) | ||||||
| Gross Margin | 0.1 pts | (0.2) pts | ||||
| Opex ($k) | ||||||
| Operating Margin | 0.1 pts | 0.3 pts | ||||
| Net income ($k) | (4.6)% | (88.3)% | ||||
| Diluted EPS | (6.7)% | (88.4)% |
| Non-GAAP |
| Q4'25 | Q3'25 | Q4'24 | QoQ Change | YoY Change | ||
| Revenue ($k) | ||||||
| Gross Margin | Flat | (0.3) pts | ||||
| Opex ($k) | (0.2)% | |||||
| Operating Margin | 0.4 pts | 0.3 pts | ||||
| Net income ($k) | ||||||
| Diluted EPS | ||||||
| Tax Rate | Flat | 2.5 pts |
| Revenue by End Market |
| Revenue | YoY Change | % of Revenue | |||||||||||
| End Market ($M) | Q4'25 | Q4'24 | $ | % | Q4'25 | Q4'24 | |||||||
| Enterprise Data | |||||||||||||
| Storage & Computing | 162.1 | 136.5 | 25.6 | 21.6 | 22.0 | ||||||||
| Automotive | 151.0 | 128.4 | 22.6 | 20.1 | 20.6 | ||||||||
| Communications | 83.7 | 63.8 | 19.9 | 11.1 | 10.3 | ||||||||
| Consumer | 66.2 | 57.3 | 8.9 | 8.8 | 9.2 | ||||||||
| Industrial | 54.7 | 40.8 | 13.9 | 7.3 | 6.6 | ||||||||
| Total | |||||||||||||
Ongoing Business Conditions
In 2025, MPS's revenue grew
Highlights from 2025 include:
- Our non-Enterprise Data end markets grew by over
40% year-over-year, showcasing the strength of our diversified business model. - We achieved our milestone of securing more than
$4B of geographically balanced capacity and continue to add additional supply chain partners to support future growth. - We had record module revenue and positioned for a further shift to solutions by sampling our 800V power solution for data center.
- In automotive, we launched solutions for 48V and Zonal architectures including the first fully integrated 48V e-fuse and a kilowatt level zonal controller that will support growth in 2026 and beyond.
- We expanded our customer base in Data Center for power solutions across AI, server, memory, optical modules, and switch applications with leading edge current density, power efficiency, and packaging.
In Q4 2025, MPS achieved record quarterly revenue of
Our strategy remains unchanged. MPS continues to focus on innovation and solving our customers’ most challenging problems. We continue to invest in new technology, expand into new markets, and to diversify our end-market applications and global supply chain. This will allow us to capture future growth opportunities, maintain supply stability, and rapidly adapt to market changes as they occur.
“Our results demonstrate our continued success in transforming from a chip-only, semiconductor supplier to a full service, silicon-based solutions provider,” said Michael Hsing, CEO and founder of MPS.
2025 Full Year Revenue Results
Our full year 2025 revenue by end market was as follows:
Full year 2025 Storage and Computing revenue grew
Automotive revenue grew
Communications revenue increased
Consumer revenue increased
Industrial revenue grew by
Enterprise Data revenue decreased
Q4 2025 Revenue Results
MPS reported fourth quarter revenue of
In our Enterprise Data market, fourth quarter 2025 revenue of
Fourth quarter 2025 Communications revenue of
Fourth quarter Automotive revenue of
Fourth quarter 2025 Industrial revenue of
Fourth quarter 2025 Consumer revenue of
Fourth quarter 2025 Storage and Computing revenue of
Q4 2025 Gross Margin & Operating Income
GAAP gross margin was
Non-GAAP gross margin for the fourth quarter of 2025 was
Q4 2025 Operating Expenses
Our GAAP operating expenses were
The differences between non-GAAP operating expenses and GAAP operating expenses for the quarters discussed here are primarily stock-based compensation and related expenses and deferred compensation plan expense.
Total stock-based compensation and related expenses, including approximately
The Bottom Line
Fourth quarter 2025 GAAP net income was
Fourth quarter 2025 non-GAAP net income was
Fourth quarter 2025 non-GAAP tax rate of
There were 49.2 million fully diluted shares outstanding at the end of the fourth quarter of 2025.
Balance Sheet and Cash Flow
Cash, cash equivalents and short-term investments were
Accounts receivable at the end of the fourth quarter of 2025 were
Our internal inventories at the end of the fourth quarter of 2025 were
We have carefully managed our internal inventories throughout the year, balancing the uncertainty in the market with being prepared to capture market upturns when they occur. Comparing current inventory levels using next quarter’s projected revenue, days of inventory at the end of the fourth quarter of 147 days was 10 days higher than at the end of the third quarter of 2025.
| Selected Balance Sheet and Inventory Data | (Unaudited) | |||
| Q4'25 | Q3'25 | Q4'24 | ||
| Cash, Cash Equivalents, and Short-Term Investments | ||||
| Operating Cash Flow | ||||
| Accounts Receivable | ||||
| Days of Sales Outstanding | 31 Days | 30 Days | 25 Days | |
| Internal Inventories | ||||
| Days of Inventory (current quarter revenue) | 153 Days | 139 Days | 138 Days | |
| Days of Inventory (next quarter revenue) | 147 Days | 137 Days | 134 Days | |
Q1 2026 Business Outlook
For the first quarter of 2026 ending March 31, we are forecasting:
- Revenue in the range of
$770 million to$790 million .
- GAAP gross margin in the range of
54.9% to55.5% .
- Non-GAAP gross margin in the range of
55.2% to55.8% which excludes the impact from stock-based compensation and related expenses as well as the impact from amortization of acquisition-related intangible assets.
- Total stock-based compensation and related expenses in the range of
$52.8 million to$54.8 million including approximately$1.7 million that would be charged to cost of goods sold.
- GAAP operating expenses between
$207.1 million and$213.1 million .
- Non-GAAP operating expenses in the range of
$156.0 million to$160.0 million . This estimate excludes stock-based compensation and related expenses in the range of$51.1 million to$53.1 million .
- Interest and other income in the range from
$7.4 million to$7.8 million before foreign exchange gains or losses.
- Non-GAAP tax rate of
15% for 2026.
- Fully diluted shares outstanding in the range of 49.0 to 49.4 million shares.
Our quarterly dividend will increase
For further information, contact:
Tony Balow
Vice President, Finance
Monolithic Power Systems, Inc.
MPSInvestor.Relations@monolithicpower.com
Safe Harbor Statement
This earnings commentary contains, and statements that will be made during the accompanying webinar will contain, forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, that should not be unduly relied upon, including under the “Q1’26 Business Outlook” section herein, our statement regarding our business focus, our statement regarding our ability to capture future growth opportunities, maintain supply stability and swiftly adapt to market changes as they occur, and the drivers for our projected future growth in the automotive end market, including, among other things, (i) projected revenue, GAAP and non-GAAP gross margin, GAAP and non-GAAP operating expenses, stock-based compensation and related expenses, amortization of acquisition-related intangible assets, other income before foreign exchange gains or losses, and fully diluted shares outstanding, (ii) our outlook for the first quarter of fiscal year 2026 and the near-term, medium-term and long-term prospects of MPS, including our ability to adapt to changing market conditions, performance against our business plan, our ability to grow despite the various challenges facing our business, our industry and the global economic environment, revenue growth in certain of our end markets, potential new business segments, our continued investment in research and development (“R&D”), expected revenue growth, customers’ acceptance of our new product offerings, the prospects of our new product development, our expectations regarding market and industry trends and prospects, and our projected expansion of capacity and the impact it may have on our business, (iii) our ability to penetrate new markets and expand our market share, (iv) our ability to reduce our expenses, and (vi) statements regarding the assumptions underlying or relating to any statement described in (i), (ii), (iii), or (iv). These forward-looking statements are not historical facts or guarantees of future performance or events, are based on current expectations, estimates, beliefs, assumptions, goals, and objectives, and involve significant known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from the results expressed by these statements. Readers of this earnings commentary and listeners to the accompanying conference call are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ include, but are not limited to, continued uncertainties in the global economy, including due to current and potential conflicts, global tariffs, export controls and retaliatory measures and announcements regarding same, inflation, consumer sentiment and other factors; adverse events arising from orders or regulations of governmental entities, including such orders or regulations that impact our customers or suppliers, and adoption of new or amended accounting standards; adverse changes in laws and government regulations such as tariffs on imports of foreign goods, export regulations and export classifications, and tax laws (including the H.R.1 Act signed into law on July 4, 2025) or the interpretation of same, including in foreign countries where MPS has offices or operations; the effect of export controls, trade and economic sanctions regulations and other regulatory or contractual limitations on our ability to sell or develop our products in certain foreign markets, particularly in China; our ability to obtain governmental licenses and approvals for international trading activities or technology transfers, including export licenses; acceptance of, or demand for, our products, in particular the new products launched recently, being different than expected; our ability to increase market share in our targeted markets; difficulty in predicting or budgeting for future customer demand and channel inventories, expenses and financial contingencies (including as a result of any impact from current and potential conflicts); our ability to efficiently and effectively develop new products and receive a return on our R&D expense investment; our ability to attract new customers and retain existing customers; our ability to meet customer demand for our products due to constraints on our third-party suppliers’ ability to manufacture sufficient quantities of our products or otherwise; our ability to expand manufacturing capacity to support future growth; adverse changes in production and testing efficiency of our products; any political, cultural, military, regulatory, economic, foreign exchange and operational changes in China, where a significant portion of our manufacturing capacity comes from; any market disruptions or interruptions in our schedule of new product development releases; our ability to manage our inventory levels; adequate supply of our products from our third-party manufacturing partners; adverse changes or developments in the semiconductor industry generally, which is cyclical in nature, and our ability to adjust our operations to address such changes or developments; the ongoing consolidation of companies in the semiconductor industry; competition generally and the increasingly competitive nature of our industry; our ability to realize the anticipated benefits of companies and products that MPS acquires, and our ability to effectively and efficiently integrate these acquired companies and products into our operations; the risks, uncertainties and costs of litigation in which MPS is involved; the outcome of any upcoming trials, hearings, motions and appeals; the adverse impact on our financial performance if its tax and litigation provisions are inadequate; our ability to effectively manage our growth and attract and retain qualified personnel; the effect of epidemics and pandemics on the global economy and on our business; the risks associated with the financial market, economy, global tariffs, export controls and retaliatory measures and announcements regarding same, and geopolitical uncertainties, including current and potential conflicts; and other important risk factors identified under the caption “Risk Factors” and elsewhere in our Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K filed with the SEC on March 3, 2025. MPS assumes no obligation to update the information in this earnings commentary or in the accompanying webinar.
Non-GAAP Financial Measures
This earnings commentary contains references to certain non-GAAP financial measures. Non-GAAP net income, non-GAAP net income per share, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income, net, and non-GAAP income before income taxes differ from net income, net income per share, gross margin, operating expenses, operating income, other income, net, and income before income taxes determined in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Non-GAAP net income and non-GAAP net income per share exclude the effect of stock-based compensation and related expenses, which include stock-based compensation expense and employer payroll taxes in relation to the stock-based compensation, net deferred compensation plan expense (income), amortization of acquisition-related intangible assets and related tax effects. Non-GAAP net income and non-GAAP net income per share in the prior year also exclude the recognition of a tax benefit granted to a foreign subsidiary. Non-GAAP gross margin excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense. Non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense. Non-GAAP operating income excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense. Non-GAAP other income, net excludes the effect of deferred compensation plan income. Non-GAAP income before income taxes excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and net deferred compensation plan expense (income). Projected non-GAAP gross margin excludes the effect of stock-based compensation and related expenses, and amortization of acquisition-related intangible assets. Projected non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses. These non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A schedule reconciling non-GAAP financial measures is included at the end of this press release. MPS utilizes both GAAP and non-GAAP financial measures to assess what it believes to be its core operating performance and to evaluate and manage its internal business and assist in making financial operating decisions. MPS believes that the inclusion of non-GAAP financial measures, together with GAAP measures, provides investors with an alternative presentation useful to investors’ understanding of MPS’s core operating results and trends. Additionally, MPS believes that the inclusion of non-GAAP measures, together with GAAP measures, provides investors with an additional dimension of comparability to similar companies. However, investors should be aware that non-GAAP financial measures utilized by other companies are not likely to be comparable in most cases to the non-GAAP financial measures used by MPS. See the GAAP to Non-GAAP reconciliations in the tables set forth below.
| RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME |
| (Unaudited, in thousands, except per share amounts) |
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net income | $ | 170,136 | $ | 1,449,363 | $ | 615,927 | $ | 1,786,700 | ||||||||
| Adjustments to reconcile net income to non-GAAP net income: | ||||||||||||||||
| Stock-based compensation and related expenses | 66,875 | 56,320 | 241,841 | 213,209 | ||||||||||||
| Amortization of acquisition-related intangible assets | 320 | 320 | 1,280 | 1,303 | ||||||||||||
| Deferred compensation plan expense (income), net | (113 | ) | 573 | 585 | 867 | |||||||||||
| Tax effect of non-GAAP adjustments | (1,891 | ) | (22,773 | ) | (1,199 | ) | (26,922 | ) | ||||||||
| Recognition of a tax benefit granted to a foreign subsidiary | - | (1,285,402 | ) | - | (1,285,402 | ) | ||||||||||
| Non-GAAP net income | $ | 235,327 | $ | 198,401 | $ | 858,434 | $ | 689,755 | ||||||||
| Non-GAAP net income per share: | ||||||||||||||||
| Basic | $ | 4.85 | $ | 4.11 | $ | 17.87 | $ | 14.19 | ||||||||
| Diluted | $ | 4.79 | $ | 4.09 | $ | 17.77 | $ | 14.12 | ||||||||
| Shares used in the calculation of non-GAAP net income per share: | ||||||||||||||||
| Basic | 48,502 | 48,317 | 48,035 | 48,599 | ||||||||||||
| Diluted | 49,168 | 48,506 | 48,309 | 48,835 | ||||||||||||
| RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN |
| (Unaudited, in thousands) |
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Gross profit | $ | 414,267 | $ | 344,408 | $ | 1,539,741 | $ | 1,220,870 | ||||||||
| Gross margin | 55.2 | % | 55.4 | % | 55.2 | % | 55.3 | % | ||||||||
| Adjustments to reconcile gross profit to non-GAAP gross profit: | ||||||||||||||||
| Stock-based compensation and related expenses | 2,137 | 1,745 | 7,675 | 6,975 | ||||||||||||
| Amortization of acquisition-related intangible assets | 287 | 287 | 1,148 | 1,171 | ||||||||||||
| Deferred compensation plan expense | 387 | 417 | 1,329 | 1,500 | ||||||||||||
| Non-GAAP gross profit | $ | 417,078 | $ | 346,857 | $ | 1,549,893 | $ | 1,230,516 | ||||||||
| Non-GAAP gross margin | 55.5 | % | 55.8 | % | 55.5 | % | 55.8 | % | ||||||||
| RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES |
| (Unaudited, in thousands) |
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Total operating expenses | $ | 214,331 | $ | 181,101 | $ | 811,105 | $ | 681,512 | ||||||||
| Adjustments to reconcile total operating expenses to non-GAAP total operating expenses: | ||||||||||||||||
| Stock-based compensation and related expenses | (64,738 | ) | (54,575 | ) | (234,166 | ) | (206,234 | ) | ||||||||
| Amortization of acquisition-related intangible assets | (33 | ) | (33 | ) | (132 | ) | (132 | ) | ||||||||
| Deferred compensation plan expense | (1,510 | ) | (376 | ) | (9,288 | ) | (8,767 | ) | ||||||||
| Non-GAAP operating expenses | $ | 148,050 | $ | 126,117 | $ | 567,519 | $ | 466,379 | ||||||||
| RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME |
| (Unaudited, in thousands) |
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Total operating income | $ | 199,936 | $ | 163,307 | $ | 728,636 | $ | 539,358 | ||||||||
| Adjustments to reconcile total operating income to non-GAAP total operating income: | ||||||||||||||||
| Stock-based compensation and related expenses | 66,875 | 56,320 | 241,841 | 213,209 | ||||||||||||
| Amortization of acquisition-related intangible assets | 320 | 320 | 1,280 | 1,303 | ||||||||||||
| Deferred compensation plan expense | 1,897 | 793 | 10,617 | 10,267 | ||||||||||||
| Non-GAAP operating income | $ | 269,028 | $ | 220,740 | $ | 982,374 | $ | 764,137 | ||||||||
| RECONCILIATION OF OTHER INCOME, NET, TO NON-GAAP OTHER INCOME, NET |
| (Unaudited, in thousands) |
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Total other income, net | $ | 9,837 | $ | 6,224 | $ | 37,580 | $ | 33,554 | ||||||||
| Adjustments to reconcile other income, net to non-GAAP other income, net: | ||||||||||||||||
| Deferred compensation plan income | (2,010 | ) | (220 | ) | (10,032 | ) | (9,400 | ) | ||||||||
| Non-GAAP other income, net | $ | 7,827 | $ | 6,004 | $ | 27,548 | $ | 24,154 | ||||||||
| RECONCILIATION OF INCOME BEFORE INCOME TAXES TO NON-GAAP INCOME BEFORE INCOME TAXES |
| (Unaudited, in thousands) |
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Total income before income taxes | $ | 209,773 | $ | 169,531 | $ | 766,216 | $ | 572,912 | ||||||||
| Adjustments to reconcile income before income taxes to non-GAAP income before income taxes: | ||||||||||||||||
| Stock-based compensation and related expenses | 66,875 | 56,320 | 241,841 | 213,209 | ||||||||||||
| Amortization of acquisition-related intangible assets | 320 | 320 | 1,280 | 1,303 | ||||||||||||
| Deferred compensation plan expense (income), net | (113 | ) | 573 | 585 | 867 | |||||||||||
| Non-GAAP income before income taxes | $ | 276,855 | $ | 226,744 | $ | 1,009,922 | $ | 788,291 | ||||||||
| 2026 FIRST QUARTER OUTLOOK |
| RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN |
| (Unaudited) |
| Three Months Ending | ||||||||
| March 31, 2026 | ||||||||
| Low | High | |||||||
| Gross margin | 54.9 | % | 55.5 | % | ||||
| Adjustment to reconcile gross margin to non-GAAP gross margin: | ||||||||
| Stock-based compensation and other expenses | 0.3 | % | 0.3 | % | ||||
| Non-GAAP gross margin | 55.2 | % | 55.8 | % | ||||
| RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES |
| (Unaudited, in thousands) |
| Three Months Ending | ||||||||
| March 31, 2026 | ||||||||
| Low | High | |||||||
| Operating expenses | $ | 207,100 | $ | 213,100 | ||||
| Adjustments to reconcile operating expenses to non-GAAP operating expenses: | ||||||||
| Stock-based compensation and other expenses | (51,100 | ) | (53,100 | ) | ||||
| Non-GAAP operating expenses | $ | 156,000 | $ | 160,000 | ||||
FAQ
What were Monolithic Power Systems (MPWR) full-year 2025 revenue and growth?
How did MPWR perform on a GAAP vs non-GAAP basis in 2025?
What guidance did MPWR give for Q1 2026 revenue and margins?
What cash, inventory, and cash-flow figures did MPWR report for Q4 2025?
What dividend change did Monolithic Power Systems (MPWR) announce for 2026?
