Power Integrations earnings date
Power Integrations (PWI) Q3 2026 Earnings Report
DE:PWI Q3 2026 EPS Results
- Actual EPS
- EUR 0.42
- Consensus EPS
- EUR 0.38
- Beat/Miss
- Beat by +EUR 0.04
- One Year Ago EPS
- EUR 0.33
DE:PWI Q3 2026 Revenue Results
- Actual Revenue
- EUR 113.42M
- Expected Revenue
- EUR 113.92M
- Beat/Miss
- Missed by -EUR 496.26K
- YoY Revenue Growth
- +5.51%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/04/2026
- Time
- After Close
- Conference Call
- Wednesday, November 4, 2026
Power Integrations's next earnings date is estimated for February 11, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was predominantly positive. The company reported revenue growth, significant year-over-year and sequential profitability improvement, strong cash generation, a dividend increase, broad GaN design-win momentum and expanding opportunities in data center, energy infrastructure and automotive. The main challenges were soft consumer demand, elevated channel inventory, project delays and supply constraints in high-power products. Management acknowledged these near-term issues while maintaining fourth-quarter growth expectations and emphasizing longer-term strategic growth opportunities.
For Q4, the company expects revenue to be between $118 million and $126 million, with the midpoint representing an increase of 18% from the fourth quarter of last year and bringing the full year growth rate to 7%; non-GAAP gross margin is expected to be in the range of 55%, plus or minus 0.5 point, non-GAAP operating expenses should be in the range of $43 million, plus or minus $0.5 million, with a full year reduction of about 4%, and non-GAAP operating margin is expected to be between 19% and 21%. Channel inventory is likely to remain above the 8-week target while conditions persist and could sit at 9 to 10 weeks next year; appliance sell-through is expected to take 1 to 2 quarters to improve, metering projects are expected to ramp through 2027, and high-voltage GaN products are expected to sample to customers in '27 and roll out in the '28, '29 time frame. The company has a goal to double SAM by 2031, expects available automotive dollar content to rise from single-digit dollars to nearly $100 over the next 4 to 5 years, and expects the 1,700-volt technology to be in '27 and the 1,250-volt technology to be out in '28, '29.
- Q3 Revenue and Profitability GrowthQ3 revenue was $125.5 million, up 6% year over year and 5% sequentially. Non-GAAP operating margin was 21.4%, up more than 4 points from the prior quarter and more than 7 points higher than the full-year 2025 figure. Non-GAAP earnings were $0.46 per diluted share, up 24% sequentially and 28% from a year ago.
- Gross Margin and Expense DisciplineNon-GAAP gross margin was 55.2%, above the high end of the outlook and up slightly from the prior quarter, benefiting from improved mix and higher manufacturing volumes. Non-GAAP operating expenses were $42.4 million, down $2.8 million sequentially and more than 10% from the third quarter of last year.
- Strong Cash Flow and Inventory ReductionCash flow from operations was $43 million, CapEx was $6 million, and free cash flow was $37 million. Inventory fell by more than $7 million, while days on hand declined by 19 days to 246 days at quarter end. Cash and investments increased by $25 million during the quarter to $288 million.
- Quarterly Dividend IncreaseThe Board of Directors raised the quarterly dividend to $0.22 per share beginning in Q1 2027, reflecting the stated strength of the balance sheet and confidence in the ability to grow cash flow going forward.
- Industrial Market GrowthIndustrial revenue increased 6% sequentially in Q3 and grew 13% year to date compared with last year. Demand remained healthy, with particular strength in energy infrastructure and rail, and the strength led by high power was described as fairly broad-based within the industrial category.
- Communications and Computing MomentumThe communications and computer categories each grew more than 20% sequentially, driven by seasonal strength and recent GaN design wins.
- Record GaN Revenue Opportunity and Design WinsThe company is on track for a record year of GaN revenue and had another strong quarter of design wins as customers sought improved efficiency and reliability. TOPSwitch-GaN secured its first design wins, including three major appliance designs at top-tier OEMs, along with a smart home product for a major U.S. OEM and a TV design for a major Korean OEM using a GaN chipset for both AC-to-DC conversion and power factor correction.
- Data Center Engagement and 800-Volt Pipeline ExpansionAt the OCP Summit, the company engaged with hyperscalers, XPU suppliers, power supply and server ODMs, and energy infrastructure suppliers. Discussions covered grid-to-rack applications in 800-volt data centers, including solid-state transformers, renewable energy, high-power rack sockets, power sidecars and auxiliary power sockets. The opportunity pipeline has more than tripled since the start of the year and includes 800-volt designs for compute trays, IT racks, sidecars, network switches, fan power modules and solid-state circuit breakers.
- Auxiliary Power Design WinsThe company is seeing strong growth this year in auxiliary power for existing server architectures, including five new design wins in Q3. Four design-ins for 800-volt sockets are scheduled to begin production in 2027.
- High-Voltage GaN Product Road MapCustomers showed strong interest in 1,250-volt GaN for high-power sockets to optimize power density by collapsing stacked power stages, reducing board area and shrinking magnetic components through higher switching frequency. High-voltage GaN products for the main power path are expected to sample to customers in 2027 and roll out in the 2028-2029 time frame. The 1,700-volt technology is expected in 2027.
- Ideal Power Solid-State Circuit Breaker CollaborationPower Integrations announced a collaboration with Ideal Power to co-develop a solution for solid-state circuit breakers in high-power, high-voltage data centers. The architecture uses the company's 1,700-volt InnoMux to handle an 800-volt input and power the control intelligence for the protection switch. The companies are working on reference platforms and demonstrating the technology to customers.
- Battery Storage and Energy Infrastructure WinsA top high-power customer is supplying battery storage inverters to a top U.S. hyperscaler, with plans to ramp with multiple new customers in 2027. The company also won a high-value battery-storage design at a new customer, a major U.S. energy infrastructure supplier, and is expanding engagements on solid-state transformers for later phases of the 800-volt transition.
- Automotive Design-Win MomentumThe company won 10 new automotive designs in Q3, including an inverter emergency power supply for a top German automaker. Its automotive pipeline has increased by more than 40% since the start of the year.
- Automotive Content Expansion OpportunityThe company is seeing interest in distributed power architectures, the elimination of 12-volt batteries and higher-voltage GaN for low-power sockets, higher-power DC-to-DC converters and onboard charging. It stated that these trends have the potential to increase available dollar content from single-digit dollars to nearly $100 per vehicle over the next 4 to 5 years.
- Strategic Market ExpansionThe company is advancing its strategic pivot toward data center, EV and energy markets, with a goal to double its serviceable available market by 2031. It stated that the strategy for driving revenue growth in these markets is taking shape.
- New Chief Technology OfficerTony Stratakos will join as Chief Technology Officer and SVP of Engineering. He previously founded Volterra, served as CTO at Maxim Integrated and founded a company specializing in utility-scale battery storage systems.
- Fourth-Quarter and Full-Year OutlookFourth-quarter revenue is expected to be between $118 million and $126 million. At the midpoint, this would represent an 18% increase from the fourth quarter of last year and bring the full-year growth rate to 7%. Non-GAAP gross margin is expected to be 55%, plus or minus 0.5 point, operating expenses are expected to be $43 million, plus or minus $0.5 million, and operating margin is expected to be between 19% and 21%.
- Organic and Inorganic Portfolio ExpansionManagement is actively evaluating technologies, partnerships and potential M&A to expand the product portfolio and drive scale, while stating that the first priority is to expand organically. The company is also exploring new topologies in automotive and adjacent opportunities in data center.
DE:PWI Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 11, 2027 | 2026 (Q4) | 0.38- | 0.21 | ― | ― |
| Nov 04, 2026 | 2026 (Q3) | 0.380.42 | 0.33 | 27.78% (+0.09) | |
| Aug 05, 2026 | 2026 (Q2) | 0.290.33 | 0.32 | 5.71% (+0.02) | |
| May 07, 2026 | 2026 (Q1) | 0.210.23 | 0.28 | -19.35% (-0.05) | |
| Feb 05, 2026 | 2025 (Q4) | 0.170.21 | 0.27 | -23.33% (-0.06) | |
| Nov 05, 2025 | 2025 (Q3) | 0.310.33 | 0.36 | -10.00% (-0.04) | |
| Aug 06, 2025 | 2025 (Q2) | 0.310.32 | 0.25 | 25.00% (+0.06) | |
| May 12, 2025 | 2025 (Q1) | 0.260.28 | 0.16 | 72.22% (+0.12) | |
| Feb 06, 2025 | 2024 (Q4) | 0.250.27 | 0.2 | 36.36% (+0.07) | |
| Nov 06, 2024 | 2024 (Q3) | 0.330.36 | 0.42 | -13.04% (-0.05) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
