MaxLinear (MXL) Q4 2025 Earnings
How Did MXL Stock React to Q4 2025 Earnings?
S&P 500 over the same 30 days: −0.99%.
Did MXL Beat Earnings? Q4 2025 Results
Yes. MaxLinear reported Q4 2025 earnings of $0.19 a share on Jan 29, 2026, beating the $0.18 consensus estimate by 6.3%. Revenue was $136.4M against a $134.8M estimate.
MaxLinear closed out fiscal 2025 with a fourth quarter that beat expectations on both top and bottom lines, as surging demand from infrastructure and data center customers powered a 48% year-over-year revenue jump to $136.44 million, edging past the $134.74 million consensus estimate. Non-GAAP diluted EPS of $0.19 topped the $0.18 analyst forecast by 5.56%, and marked a sharp reversal from the $0.09 non-GAAP loss posted in Q4 2024, reflecting meaningful operating leverage as the company drove non-GAAP operating expenses down to 43% of revenue from 67% a year earlier. Full-year revenue reached $467.64 million, up 30% from fiscal 2024, with the company swinging to non-GAAP profitability ahead of its own internal targets. Management's confidence in the trajectory was underscored by a $20 million stock repurchase in Q4 alongside a newly announced $75 million buyback program. Looking ahead, MaxLinear guided Q1 2026 revenue of $130 million to $140 million, suggesting the current momentum is expected to hold near Q4 levels as infrastructure and data center demand continues to anchor its growth strategy.
- New product traction driving sequential and year-over-year revenue growth
- Non-GAAP gross margin expansion to 59.6% in Q4
- Operating expense discipline with non-GAAP opex declining to 43% of revenue from 67% year over year
- Positive free cash flow achieved ahead of plan
“Our fourth quarter and fiscal year results reflect strong sequential and year-over-year growth in our business. Our new products gained solid traction in the market, and we are on a strong path for sustained revenue growth and market share expansion in 2026 and 2027. We are executing against a focused strategy that is working and will drive sustained strong growth even as we continue to invest in high-value, multi-year growth markets where performance, power efficiency, and integration matter most. These include data center connectivity, wireless infrastructure, PON broadband access, Wi-Fi 7, Ethernet, and storage accelerator end markets. With solid execution, we also delivered profitability and positive free cash flow ahead of our plan. During the fourth quarter, we repurchased $20 million of our common stock, reflecting our confidence in our sustained growth expectations and market momentum.”
MaxLinear CEO, on the earnings call
What Was MaxLinear's Outlook in Q4 2025?
MaxLinear expects Q1 2026 net revenue of approximately $130 million to $140 million. GAAP gross margin is estimated at approximately 56.0% to 59.0%, with non-GAAP gross margin of approximately 58.0% to 61.0%. GAAP operating expenses are expected to be approximately $85 million to $90 million, and non-GAAP operating expenses approximately $58 million to $64 million. Basic and diluted share count is expected to be approximately 88.0 million and 91.0 million, respectively.
MXL YoY Financials
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $136.4M | $92.2M | +48.0% |
| Gross Profit | $78.6M | $50.7M | +55.1% |
| Operating Income | −$14.9M | −$9.3M | +60.9% |
| Net Income | −$14.9M | −$8.5M | +74.2% |
Figures from SEC filings and company reports. Not investment advice.