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Monolithic Power Systems 8-K Report, Financial Results (Oct 30, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed October 30, 2025
Period End
October 30, 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 October 30, 2025. Cited figures are marked; the original filing is the authoritative source.

Monolithic Power Systems (MPWR) reported record third-quarter 2025 results, with revenue of $737.2 milliona, up 10.9% sequentially from $664.6 million and up 18.9% year over year from $620.1 million.

GAAP gross margin was 55.1% (flat sequentially, down 0.3 points year over year), while non-GAAP gross margin was 55.5%. GAAP operating income rose to $195.2 millionb (26.5% operating margin), and GAAP diluted EPS was $3.71, up roughly 26% from $2.95 a year earlier. Non-GAAP diluted EPS was $4.73, up 16.5% year over year and 12.4% sequentially.

Growth was broad-based, with year-over-year increases in every end market, led by Storage and Computing (+29.6%), Automotive (+36.1%), and Industrial (+25.7%); Enterprise Data rose sharply sequentially (+33%) on AI-related power management demand. The quarter also showed some operating pressure. GAAP operating expenses grew 17.6% year over year to $211.0 millionc, and non-GAAP operating margin of 35.4% was down 0.2 points year over year despite the higher revenue.

Accounts receivable rose to 30 days of sales outstanding from 27 days in Q2, and inventories increased modestly to $505.7 milliond. Cash and short-term investments reached $1.27 billion, and operating cash flow was $239.3 million. For Q4 2025, management guided revenue to $730–750 million, GAAP gross margin to 54.9%–55.5%, and non-GAAP gross margin to 55.2%–55.8%.

Non-GAAP operating expenses are expected at $145.5–149.5 million, with a 15% non-GAAP tax rate and 48.5–48.9 million fully diluted shares. The guidance implies a roughly flat-to-down sequential revenue range at the midpoint, which investors will weigh against the strong Q3 print.

02—Key points

Key Highlights

  1. Record quarterly revenue of $737.2M, up 18.9% YoY and 10.9% QoQ, with year-over-year growth in all six end markets.
  2. GAAP diluted EPS of $3.71 (vs. $2.95 in Q3 2024) and non-GAAP diluted EPS of $4.73 (vs. $4.06), with GAAP net income of $178.3M.
  3. Enterprise Data revenue of $191.5M rose 33% sequentially on AI-related power management demand, though it was up only 3.8% YoY.
  4. Automotive revenue grew 36.1% YoY to $151.5M, and management cited a new major Tier 1 supplier adopting MPS for next-generation ADAS.
  5. Gross margin held steady: GAAP 55.1% and non-GAAP 55.5%, but both were slightly below year-ago levels.
  6. Non-GAAP operating expenses rose 18.5% YoY to $148.3M, and the non-GAAP operating margin edged down 0.2 points to 35.4%.
  7. Q4 2025 guidance of $730–750M revenue and non-GAAP gross margin of 55.2%–55.8% implies flat-to-lower sequential revenue at the midpoint.

03—Questions

Frequently Asked Questions

  1. How strong was MPWR's Q3 2025 revenue growth?

    Revenue reached $737.2 million, up 18.9% year over year from $620.1 million and up 10.9% sequentially from $664.6 million. Growth was led by Automotive (+36.1% YoY), Storage and Computing (+29.6%), and Industrial (+25.7%), and every end market grew year over year.

  2. Did profitability improve in Q3 2025?

    GAAP operating income rose 19% year over year to $195.2 million, and GAAP net income increased 23.4% to $178.3 million. Non-GAAP net income grew 14.3% to $227.1 million. Margins were roughly stable, however: GAAP gross margin was 55.1% (down 0.3 points YoY), and the non-GAAP operating margin of 35.4% was slightly lower than a year earlier.

  3. What is the Q4 2025 outlook?

    Management guided Q4 2025 revenue to $730–750 million, GAAP gross margin to 54.9%–55.5%, and non-GAAP gross margin to 55.2%–55.8%. Non-GAAP operating expenses are expected at $145.5–149.5 million, the non-GAAP tax rate at 15%, and fully diluted shares at 48.5–48.9 million. The midpoint of revenue guidance is slightly below Q3's record level.

  4. Are there any working capital or balance sheet concerns?

    Accounts receivable rose to $241.6 million, or 30 days of sales outstanding, up from 27 days in Q2 and 24 days a year ago. Inventories increased to $505.7 million, although days of inventory fell to 139 from 150 in Q2. Cash and short-term investments of $1.27 billion and operating cash flow of $239.3 million provide ample liquidity.

  5. Why did GAAP operating expenses increase so much?

    GAAP operating expenses rose 17.6% year over year to $211.0 million, driven largely by stock-based compensation of $60.9 million (up from $52.4 million a year ago). Non-GAAP operating expenses rose 18.5% to $148.3 million, reflecting increased R&D and SG&A spending alongside revenue growth.

04—Continue

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