MaxLinear Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −0.99%.
Did MXL Beat Earnings? Q4 2025 Results
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
Forward Guidance & Outlook
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
Figures from SEC filings and company reports. Not investment advice.