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MaxLinear

MaxLinear (MXL) Q2 2026 Earnings

Reported Jul 23, 2026 at 4:05 PM ET · SEC Source

Q2 26 EPS

$0.35

BEAT +6.22%

Est. $0.33

Q2 26 Revenue

$168.8M

BEAT +2.54%

Est. $164.7M

vs S&P Since Q2 26

-19.7%

TRAILING MARKET

MXL -15.3% vs S&P +4.4%

Market Reaction

Did MXL Beat Earnings? Q2 2026 Results

MaxLinear delivered a clean beat across the board in Q2 2026, posting non-GAAP diluted EPS of $0.35 against a consensus estimate of $0.33, a 6.22% beat that extends the company's streak to four consecutive quarters of topping EPS expectations. Revenu… Read more MaxLinear delivered a clean beat across the board in Q2 2026, posting non-GAAP diluted EPS of $0.35 against a consensus estimate of $0.33, a 6.22% beat that extends the company's streak to four consecutive quarters of topping EPS expectations. Revenue of $168.85 million cleared the $164.66 million consensus by 2.54% and surged 55.2% year over year, propelled almost entirely by an infrastructure segment that grew 145% compared to the same period last year. The key catalyst was the optical AI data center business, where the ramp of MaxLinear's Keystone PAM4 DSP platform for 800G applications drove outsized demand from hyperscale customers. The company also swung to a GAAP net income of $1.76 million from a net loss of $26.59 million a year ago, reflecting meaningful operating leverage as non-GAAP operating margin expanded to 22.3% from 7.2%. With Wells Fargo recently raising its price target sharply while maintaining a neutral rating, investor scrutiny on valuation remains elevated heading into Q3, for which management guided revenue of $210 million to $220 million, signaling continued momentum.

Key Takeaways

  • • Infrastructure business up 145% year over year driven by accelerated adoption of optical AI data center products
  • • Ramp of Keystone PAM4 DSP platform for 800G applications
  • • 55% year-over-year revenue growth overall
  • • 23% sequential revenue growth

MXL Forward Guidance & Outlook

For Q3 2026, MaxLinear guided revenue of $210–$220 million. GAAP gross margin is expected at 57.0%–60.0%, with non-GAAP gross margin of 58.5%–61.5%. GAAP operating expenses are estimated at $98–$104 million, while non-GAAP operating expenses are expected at $66–$71 million. GAAP interest and other expense, net is estimated at $3.8–$4.2 million, with non-GAAP at $3.7–$4.1 million. GAAP income tax provision of $1.5 million and non-GAAP income tax provision of $1.0 million. Fully diluted share count is estimated at 99 million shares. Management emphasized the convergence of multiple growth drivers over the next two years and potential for sustained growth and expanding profitability.

24/7 Wall St

MXL YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

“Q2 results underscore the ongoing significant inflection in MaxLinear's overall business as we delivered 55% year-over-year revenue growth, including 145% growth year over year in our data center-oriented infrastructure revenue.”

— Kishore Seendripu, Q2 2026 Earnings Press Release

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