Skip to content
AnalystLens

Monolithic Power Systems 8-K Report, Financial Results (Jul 31, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed July 31, 2025
Period End
July 31, 2025
Security
MPWR
In the record · 2016–202610-K1110-Q338-K93

MPWR filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 93 current reports (8-K) between 2016 and 2026.

  1. Auditor change8-K · Mar ’19Mar ’19
  2. Leadership change8-K · Feb ’23Feb ’23
  3. Leadership change8-K · Oct ’26Oct ’26

01—Abstract

Summary

Summary of the 8-K filed July 31, 2025. Cited figures are marked; the original filing is the authoritative source.

Monolithic Power Systems (MPWR) reported record second-quarter 2025 results, with revenue of $664.6 milliona, up 4.2% sequentially from $637.6 million and up 31.0% year over year from $507.4 million.

GAAP gross margin was 55.1% (vs. 55.3% a year ago) and non-GAAP gross margin was 55.5% (vs. 55.7%). Growth was led by Storage and Computing (up 70.0% YoY to $195.3 millionb) and Automotive (up 66.4% YoY to $145.1 million), while Enterprise Data declined 23.1% YoY to $144.0 million. Management noted initial shipments of power solutions for customers' new ASIC-based AI products had begun.

Profitability improved on an operating basis. GAAP operating income rose 41% YoY to $164.8 millionc, though GAAP operating margin compressed sequentially to 24.8% from 26.5% as GAAP operating expenses rose 9.1% QoQ to $201.3 million, driven largely by stock-based compensation of $60.3 million. Non-GAAP operating income was $231.2 million, and non-GAAP diluted EPS was $4.21 (up 32.8% YoY), versus GAAP diluted EPS of $2.78, which was flat sequentially.

Cash, cash equivalents and short-term investments reached $1.146 billiond, operating cash flow was $237.6 million, and inventory rose to $490.6 million (150 days of current-quarter revenue). For Q3 2025, management guided revenue to $710-730 million, GAAP gross margin to 54.9%-55.5%, and non-GAAP gross margin to 55.2%-55.8%, with non-GAAP operating expenses of $143-147 million and fully diluted shares of 47.9-48.3 million. Investors will likely focus on the pace of AI-related ramps, the sequential margin and opex trends, and inventory levels relative to demand.

02—Key points

Key Highlights

  1. Record quarterly revenue of $664.6M, up 31.0% YoY and 4.2% QoQ, with sequential growth in all end markets.
  2. Storage & Computing (+70.0% YoY) and Automotive (+66.4% YoY) led growth; Enterprise Data fell 23.1% YoY to $144.0M.
  3. GAAP gross margin of 55.1% (down 0.2 pts YoY); non-GAAP gross margin of 55.5%.
  4. GAAP operating income of $164.8M (up 41% YoY) with operating margin down 1.7 pts QoQ to 24.8% as opex rose 9.1% QoQ.
  5. Non-GAAP diluted EPS of $4.21 (up 32.8% YoY) vs. GAAP diluted EPS of $2.78; stock-based compensation was $60.3M.
  6. Cash and short-term investments of $1.146B and operating cash flow of $237.6M; inventory rose to $490.6M (150 days of current-quarter revenue).
  7. Q3 2025 guidance: revenue of $710-730M, non-GAAP gross margin of 55.2%-55.8%, non-GAAP opex of $143-147M.

03—Questions

Frequently Asked Questions

  1. How strong was MPWR's Q2 2025 revenue growth?

    Revenue reached a record $664.6 million, up 31.0% from $507.4 million a year earlier and up 4.2% from $637.6 million in Q1 2025. Six-month revenue rose 34.9% to $1.302 billion.

  2. Which end markets drove results, and which lagged?

    Storage & Computing ($195.3M, +70.0% YoY) and Automotive ($145.1M, +66.4% YoY) were the largest contributors to growth. Enterprise Data was the notable laggard, declining 23.1% YoY to $144.0M, though it grew 8.4% sequentially on AI and server power demand.

  3. Did margins improve or deteriorate?

    Gross margins were roughly flat: GAAP gross margin was 55.1% versus 55.3% a year ago, and non-GAAP was 55.5% versus 55.7%. Operating margin on a GAAP basis was 24.8%, down 1.7 points from Q1 2025 because operating expenses grew faster than revenue, although it was up 1.8 points year over year.

  4. What is the Q3 2025 outlook?

    Management expects revenue of $710-730 million, GAAP gross margin of 54.9%-55.5%, non-GAAP gross margin of 55.2%-55.8%, GAAP opex of $201.3-207.3 million (non-GAAP $143-147 million), a 15% non-GAAP tax rate for 2025, and 47.9-48.3 million fully diluted shares.

  5. How healthy is the balance sheet and working capital?

    Cash and short-term investments totaled $1.146 billion, up from $1.027 billion in Q1. Accounts receivable fell to 27 days of sales outstanding from 31 days. Inventory rose to $490.6 million, though days of inventory held at 150 on current revenue, which investors may watch closely given the sequential build.

04—Continue

← View all 8-K filings