Monolithic Power Systems (MPWR) Q3 2026 earnings summary

Executive summary

• Record Q3 revenue was $1,202.4M, up 22.6% QoQ and 63.1% YoY, with growth across most end markets.

• Capacity supports more than $6B in annual revenue, with a target of $8B by H2 2027 and a longer-term path toward $10B.

Financial highlights

• Q3 GAAP gross profit was $665.5M, operating income $357.7M and net income $271.1M; diluted EPS was $5.51 versus $3.74 YoY.

• Adjusted non-GAAP operating income was $464.5M; net income was $402.7M versus $227.1M YoY, and diluted EPS was $8.19 versus $4.73.

• Nine-month revenue rose 46.5% YoY to $2.987B, and diluted EPS increased to $14.66 from $9.37.

• Q3 operating cash flow was $289.9M, capital expenditures $64.5M and free cash flow $225.4M.

Outlook and guidance

• Q4 revenue is forecast at $1,315M–$1,385M; GAAP gross margin at 55.2%–55.8% and adjusted non-GAAP gross margin at 55.5%–56.1%.

• Enterprise Data growth floor was raised from 130% to 150% YoY based on Q3 and Q4 trends; no 2027 growth percentage was set.

• Capacity is planned to reach $8B by H2 2027, with capacity intended to stay ahead of demand; timing toward $10B was not specified.

• 800V architecture ramps are expected no earlier than late 2027, with more activity likely in 2028; near-term Enterprise Data growth relies on existing business.

• 2026 revenue of $4.306B is FactSet consensus as of Oct. 30, 2026, not management guidance.