MaxLinear Inc
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −0.33%.
Did MXL Beat Earnings? Q3 2025 Results
MaxLinear delivered a stronger-than-expected third quarter, posting non-GAAP diluted EPS of $0.14 against a consensus estimate of $0.12, a beat of 17.55%, while revenue of $126.46 million edged past the $124.66 million forecast and surged 55.9% year over year. The headline figures marked a sharp operational turnaround, with the company returning to non-GAAP profitability after reporting a $0.36 non-GAAP loss per share in the year-ago quarter, driven by 16% sequential revenue growth and disciplined cost control that held non-GAAP operating expenses to $59.55 million. Non-GAAP gross margin held steady at 59.1%, and non-GAAP operating income reached 12% of revenue, up from 7% in Q2 2025. On a GAAP basis, the company recorded a net loss of $0.52 per diluted share, weighed down by restructuring charges and acquisition-related costs tied to the terminated Silicon Motion merger. Management pointed to growing traction in data center optical interconnects and broadband access products as key demand drivers, and guided Q4 2025 revenue to $130 million to $140 million, signaling continued momentum heading into 2026.
- 56% year-over-year revenue growth and 16% sequential growth
- Non-GAAP operating margin expansion to 12% from 7% sequentially
- Non-GAAP gross margin held steady at 59.1%
- Positive free cash flow generation
- Revenue exceeded the mid-point of guidance
“Our third quarter results reflect strong sequential and year-over-year growth in our business. With solid execution, we again exceeded the mid-point of our revenue guidance, realized a strong sequential increase in our profitability on a non-GAAP basis, and generated positive free cash flow. Our focused investments in data center optical interconnects, wireless infrastructure, PON broadband access, Wi-Fi7, Ethernet and storage accelerator products are enabling us to lay the significant groundwork required for broadening customer traction, new and increased content opportunities, and sustained growth in 2026.”
MaxLinear CEO, on the earnings call
Forward Guidance & Outlook
MaxLinear expects Q4 2025 net revenue of approximately $130 million to $140 million, implying continued sequential growth. Non-GAAP gross margin is guided at 58.0% to 61.0%, with non-GAAP operating expenses of $57 million to $63 million. GAAP gross margin is expected at 56.0% to 59.0%. The company anticipates a GAAP income tax benefit of $2.5 million and a non-GAAP income tax provision of $2 million. Basic and diluted share counts are estimated at approximately 87.5 million and 91.1 million, respectively. Management emphasized that focused investments in data center optical interconnects, wireless infrastructure, PON broadband access, Wi-Fi 7, Ethernet, and storage accelerator products are laying groundwork for sustained growth in 2026.
MXL YoY Financials
Figures from SEC filings and company reports. Not investment advice.