MaxLinear (MXL) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached $136.4 million, up 8% sequentially and 48% year-over-year, with fiscal year revenue at $467.6 million, a 30% increase over 2024, driven by strong execution, new product adoption, and high-growth infrastructure and optical markets.

• Infrastructure segment saw 30% growth in FY2025 and up to 79% growth in Q4 year-over-year, led by optical, wireless, and storage accelerator products.

• Keystone PAM4 DSP family ramped at major hyperscale data centers for 400G/800G deployments; early deployment of new fiber PON and Wi-Fi 7 platform with a Tier-1 North American carrier began in Q4.

• Profitability and positive cash flow were achieved ahead of plan, with a $20 million stock repurchase in Q4 reflecting confidence in future growth.

• Positioned for faster growth in 2026, with infrastructure expected to become the largest revenue contributor and continued market share gains.

Financial highlights

• Q4 2025 revenue was $136.4 million, up 8% sequentially and 48% year-over-year; fiscal 2025 revenue totaled $467.6 million, up 29.7% from FY2024.

• Q4 GAAP gross margin: 57.6%; non-GAAP: 59.6%; Q4 GAAP loss from operations: 11% of revenue; non-GAAP income from operations: 16%.

• Q4 GAAP diluted loss per share: $0.17; non-GAAP diluted EPS: $0.19; FY2025 GAAP diluted loss per share: $1.58; non-GAAP diluted EPS: $0.31.

• Net cash flow from operations: $10.4 million in Q4 and $19.6 million for FY2025; cash and equivalents at year-end: $72.8 million.

• Repurchased $20 million of common stock in Q4 2025.

Outlook and guidance

• Q1 2026 revenue expected between $130 million and $140 million.

• Q1 GAAP gross margin: 56%-59%; non-GAAP: 58%-61%; GAAP operating expenses: $85-$90 million; non-GAAP: $58-$64 million.

• Q1 GAAP interest and other expense: $2.1-$2.7 million; Non-GAAP: $2-$2.6 million; GAAP tax provision: $4 million; Non-GAAP: $0.8 million.

• Basic and diluted share count: 88 million and 91 million, respectively.

• Infrastructure growth anticipated; seasonal declines in broadband, connectivity, and industrial multi-market.