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Monolithic Power Systems 8-K Report, Financial Results (Feb 5, 2026)

Reports
Earnings & Results·Leadership Changes·Other Events+1
Filing Date
Filed February 5, 2026
Period End
February 3, 2026
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 · May ’21May ’21
  3. Leadership change8-K · Oct ’24Oct ’24

01—Abstract

Summary

Summary of the 8-K filed February 5, 2026. Cited figures are marked; the original filing is the authoritative source.

Monolithic Power Systems (MPWR) reported record fourth-quarter and full-year 2025 results.

Q4 revenue rose 20.8% year over year to $751.2 milliona (up 1.9% sequentially), and full-year revenue grew 26.4% to $2.79 billion, marking the company's 14th consecutive year of revenue growth. GAAP gross margin was steady at 55.2% and non-GAAP gross margin at 55.5%. GAAP operating income was $199.9 million for the quarter, while non-GAAP operating income reached $269.0 million.

Diluted GAAP EPS was $3.46b versus $29.88 a year earlier, but that comparison is distorted by a $1.285 billion one-time foreign tax benefit recognized in Q4 2024; on a non-GAAP basis, Q4 diluted EPS rose 17.1% to $4.79. Growth was led by Storage and Computing (+46% for the year) and Automotive (+43%), while Enterprise Data declined 2% for the year, though it rebounded sequentially in Q4. The company guided Q1 2026 revenue to $770–790 million, implying continued sequential growth, with non-GAAP gross margin of 55.2%–55.8% and non-GAAP operating expenses of $156–160 million.

It also raised its quarterly cash dividend 28%, from $1.56 to $2.00c per share, payable April 15, 2026. Balance sheet metrics warrant monitoring: inventory rose to $564.6 million (153 days of current-quarter revenue, up 14 days sequentially) and operating cash flow fell to $104.9 million from $239.3 million in Q3. Leadership news also accompanied the release.

CFO Bernie Blegen will retire after the 2025 Form 10-K is issued, and Corporate Controller Rob Dean will serve as interim CFO. The transition is orderly, with Blegen staying on to assist, but a permanent successor has not yet been named.

02—Key points

Key Highlights

  1. Record revenue: Q4 2025 revenue of $751.2M (+20.8% YoY, +1.9% QoQ); FY2025 revenue of $2.79B (+26.4%).
  2. Margins stable: GAAP gross margin 55.2% and non-GAAP gross margin 55.5% in Q4, essentially flat YoY on a GAAP basis.
  3. Earnings: Q4 non-GAAP diluted EPS of $4.79 (+17.1% YoY); GAAP diluted EPS of $3.46, depressed by the absence of the prior-year $1.285B tax benefit.
  4. End-market mix: Storage & Computing (+46% FY) and Automotive (+43% FY) drove growth; Enterprise Data fell 2% for the year but rose 19.8% YoY in Q4.
  5. Dividend increase: Quarterly dividend raised 28% to $2.00 per share (payable April 15, 2026; record date March 31, 2026).
  6. Q1 2026 guidance: Revenue of $770–790M, non-GAAP gross margin of 55.2%–55.8%, and non-GAAP opex of $156–160M; non-GAAP tax rate of 15%.
  7. Leadership transition: CFO Bernie Blegen to retire after the 2025 10-K; Corporate Controller Rob Dean named interim CFO. No permanent successor named yet.

03—Questions

Frequently Asked Questions

  1. Why did GAAP net income and EPS fall so sharply year over year?

    The prior-year period included a one-time $1,285.4 million tax benefit from recognition of a foreign subsidiary's tax benefit. Excluding it, GAAP net income grew, and non-GAAP net income rose 18.6% in Q4 and 24.5% for the full year.

  2. How significant is the dividend increase?

    The quarterly dividend rises 28% to $2.00 per share from $1.56, an annualized increase of $1.76 per share to $8.00. It signals management confidence in cash generation, though operating cash flow dipped in Q4.

  3. What should investors watch in the balance sheet?

    Inventory reached $564.6M, or 153 days of current-quarter revenue (up 14 days sequentially), and accounts receivable days rose to 31. Q4 operating cash flow of $104.9M was well below Q3's $239.3M. Cash and short-term investments of $1.26B remain strong.

  4. Who will lead finance, and does the CFO change affect guidance?

    Corporate Controller Rob Dean will serve as interim CFO after Bernie Blegen retires following the 2025 10-K. Blegen will remain to support the transition, and the filing does not indicate any change to the Q1 2026 outlook.

  5. What does the Q1 2026 outlook imply for growth?

    Guidance of $770–790M in revenue implies roughly 2.5%–5.2% sequential growth over Q4's $751.2M and would be a meaningful year-over-year increase versus the prior-year quarter. Gross margin is guided roughly flat, and non-GAAP opex is expected to rise modestly from Q4's $148.1M.

04—Continue

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