Mobileye Global (MBLY) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue increased 15% year-over-year to $506 million, driven by strong EyeQ demand, new ADAS program ramp-ups, and normalization of excess inventory at Tier 1 customers.

• Adjusted operating income rose 34% year-over-year, with operating margin up 3 points to 21%; adjusted diluted EPS was $0.13, GAAP diluted EPS was $(0.08).

• Net loss for the quarter was $67 million, an improvement from $86 million in the prior year, mainly due to higher gross profit.

• Strong cash position with $1.7 billion and no debt as of June 28, 2025.

• Strategic partnerships and product launches, including with Volkswagen and Uber, position the business for significant growth in 2027.

Financial highlights

• Q2 2025 gross profit was $252 million (GAAP), up 21% year-over-year; gross margin improved to 50% from 48%.

• Adjusted gross profit was $347 million with a stable adjusted gross margin of 69%.

• Adjusted operating income for the six months was $165 million (17% margin), up from $14 million (2% margin) in the prior year.

• Operating cash flow for the first six months of 2025 was $322 million, representing about 33% of revenue.

• Average system price for EyeQ and SuperVision in Q2 2025 was $49.7, with 9.7 million systems shipped.

Outlook and guidance

• Full-year 2025 revenue guidance raised to $1,765–$1,885 million, up 4% at the midpoint, with adjusted operating income guidance up 14% at the midpoint.

• EyeQ volume guidance increased to 33.5M–35.5M units; SuperVision volume outlook raised to about 40,000 units at midpoint.

• Gross margins expected to improve by about 0.5 percentage points year-over-year in 2025.

• Guidance incorporates current tariffs but assumes no further increases; Q3 revenue expected to be roughly flat year-over-year.

• Management notes ongoing uncertainty in global automotive demand and trade policy.