Monolithic Power Systems 8-K
PositiveEarningsNew guidance
AI and server power-management sales drove Enterprise Data growth and record quarterly revenue.
Filed 2026-07-30 16:01 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results with Q3 guidance. Revenue reached a quarterly record, led by AI- and server-related Enterprise Data sales; all end markets grew sequentially. MPS also added $500M to its stock repurchase authorization, bringing the total to $1B.
Key Figures
| Metric | Q2 2026 | Q2 2025 | Y/Y |
|---|---|---|---|
| Revenue | $981M | $665M | 47.6% |
| Gross margin, GAAP | 55.2% | 55.1% | 10 bp |
| Gross margin, non-GAAP | 55.6% | 55.5% | 10 bp |
| Operating income, GAAP | $304M | $165M | 84.4% |
| Operating income, non-GAAP | $368M | $231M | 59.0% |
| Net income | $257M | $135M | 90.6% |
| Net income, non-GAAP | $320M | $202M | 58.3% |
| Diluted EPS | $5.22 | $2.81 | 85.8% |
| Diluted EPS, non-GAAP | $6.50 | $4.21 | 54.4% |
| Operating cash flow | $228M | $238M | -4.1% |
- Enterprise Data revenue was $381M, up 164% Y/Y, driven by AI and server power-management sales; it represented 38.8% of revenue. Communications revenue rose 78.3% Y/Y, while all end markets grew sequentially.
- Cash, cash equivalents and short-term investments totaled $1.41B at quarter-end. The board authorized an additional $500M in repurchases, taking current authorization to $1B.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Revenue | Q3 2026 | $1.14B-$1.16B | — | — |
| Gross margin, GAAP | Q3 2026 | 55.2%-55.8% | — | — |
| Gross margin, non-GAAP | Q3 2026 | 55.4%-56.0% | — | — |
| Stock-based compensation and related expenses | Q3 2026 | $53.2M-$55.2M, including ≈$1.7M charged to cost of goods sold | — | — |
| Operating expenses, GAAP | Q3 2026 | $252.7M-$258.7M | — | — |
| Operating expenses, non-GAAP | Q3 2026 | $201.2M-$205.2M; excludes $51.5M-$53.5M of stock-based compensation and related expenses | — | — |
| Interest and other income, before foreign exchange gains or losses | Q3 2026 | $7.8M-$8.2M | — | — |
| Tax rate, non-GAAP | FY2026 | 15% | — | — |
| Fully diluted shares outstanding | Q3 2026 | 49.1M-49.5M | — | — |
Investor Takeaways
- Compare Q3 revenue and margins with the company’s guidance; Enterprise Data demand was the main growth driver in Q2.
- Watch whether initial DDR5 orders and sampling of high-voltage AC-to-DC products for 800V data-center architectures develop into broader adoption.
The summary is written by an AI model reading the filing.
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