Monolithic Power Systems (MPWR) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached $664.6M, up 4.2% sequentially and 31.0% year-over-year, driven by diversified end markets and innovation.

• Net income for Q2 2025 was $133.7M, up from $100.4M in Q2 2024; non-GAAP net income was $202.2M.

• Gross margin remained strong at 55.1% for Q2 2025, slightly down from 55.3% in Q2 2024.

• Cash and short-term investments increased to $1.15B as of June 30, 2025.

• Continued transformation from chip-only supplier to full-service silicon-based solutions provider.

Financial highlights

• Q2 2025 revenue: $664.6M (+31% YoY, +4.2% QoQ); six-month revenue: $1.3B (+34.9% YoY).

• Q2 2025 net income: $133.7M; non-GAAP net income: $202.2M; six-month net income: $267.5M.

• Q2 2025 EPS: $2.79 basic, $2.78 diluted; non-GAAP EPS: $4.21 diluted.

• Operating income for Q2 2025: $164.8M (24.8% of revenue).

• Cash flow from operations for six months ended June 30, 2025: $494M.

Outlook and guidance

• Q3 2025 revenue expected between $710M and $730M, or 8% sequential growth at midpoint.

• GAAP gross margin projected between 54.9% and 55.5%; non-GAAP between 55.2% and 55.8%.

• Enterprise data expected to grow 20%-30% sequentially in Q3; consumer segment to see seasonal uplift.

• Q4 2025 expected to be flat or slightly up sequentially, diverging from typical seasonality.

• 2026 growth expected to outperform peers by 10%-15%, with enterprise data as a key driver.