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.

• Infrastructure segment led growth, with 30% full-year growth and up to 79% Q4 year-over-year, driven by optical, wireless, and storage accelerator products.

• Keystone PAM4 DSP family qualified and ramping at major data centers for 400G/800G deployments.

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

• Early deployment of new fiber PON and Wi-Fi 7 platform with a Tier-1 North American carrier began in Q4 2025.

Financial highlights

• Q4 2025 GAAP gross margin was 57.6%, non-GAAP gross margin 59.6%; Q4 GAAP loss from operations was 11% of revenue, non-GAAP income from operations was 16% of revenue.

• Q4 2025 GAAP diluted loss per share was $0.17, non-GAAP diluted EPS was $0.19.

• Fiscal 2025 GAAP gross margin was 56.8%, non-GAAP gross margin 59.3%; GAAP diluted loss per share was $1.58, non-GAAP diluted EPS was $0.31.

• Net cash flow from operations was $10.4 million in Q4 and $19.6 million for the year.

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

Outlook and guidance

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

• Q1 2026 GAAP gross margin guidance: 56%-59%; non-GAAP: 58%-61%.

• Q1 2026 GAAP operating expenses: $85-$90 million; non-GAAP: $58-$64 million.

• Q1 2026 GAAP interest/other expense: $2.1-$2.7 million; non-GAAP: $2-$2.6 million.

• Expects continued growth in 2026, led by infrastructure, connectivity, and new product ramps.