EarningsQ3 2026 Earnings Report
MX:MPWR Q3 2026 EPS Results
Actual EPS$153.86
Consensus EPS$146.35
Beat/MissBeat by +$7.51
One Year Ago EPS$88.86
MX:MPWR Q3 2026 Revenue Results
Actual Revenue$22.59B
Expected Revenue$21.82B
Beat/MissBeat by +$766.46M
YoY Revenue Growth+63.11%
Earnings Announcement Details
QuarterQ3 2026
Date10/29/2026
TimeAfter Close
Conference CallThursday, October 29, 2026
MX:MPWR Upcoming Earnings
Monolithic Power's next earnings date is estimated for February 11, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:MPWR Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive, supported by record $1.2 billion quarterly revenue, 63% year-over-year growth, a raised enterprise data growth floor, broad-based expansion across communications and automotive, new robotics and high-voltage opportunities, disciplined margin expansion, and substantial capacity plans. The main challenges were near-term notebook weakness, ongoing GaN reliability validation, delayed timing for 800-volt and data-converter revenue, early-stage building automation efforts, and partial absorption of cost increases. Highlights significantly outweighed the lowlights.Company Guidance
Record Quarterly Revenue and Accelerated Growth
Q3 revenue reached $1.2 billion, exceeding $1 billion for the first time, up 22% from Q2 2026 and up 63% from Q3 2025. Management described an accelerated growth period and said it saw no signs of a slowdown during the first nine months.
Capacity Expansion Ahead of Demand
Annual revenue-supporting capacity surpassed $6 billion during Q3. MPS expects to have $8 billion of capacity in place by the second half of 2027, progressing toward $10 billion, and said it is keeping capacity ahead of the business to support expected demand.
Enterprise Data Growth Outlook Raised
Management raised the year-over-year enterprise data growth floor from 130% to 150% based on Q3 results and Q4 expectations. Growth drivers include customer diversification, module growth, content gains from new platforms, ASIC customers, and potential Agentic AI-driven GPU growth.
Broader Enterprise Data Customer Base and AI Design Tools
Using internally developed AI design tools, MPS expanded its customer base in traditional markets and won new applications such as desktop AI designs. The company is addressing a longer tail of smaller customers that could become sizable customers over time.
Communications Growth Accelerated
Communications revenue grew 43% sequentially in Q3. Growth was driven by both optical modules and the newer switch business, with management identifying communications as its second-fastest-growing end market for the year and expecting the growth drivers to remain intact in 2027.
Optical Module and Switching Opportunities
The optical module business is benefiting from the transition to 1.6, including both volume and content gains. Additional sockets in the switch business are expected to support further communications growth, and switching was described as the fastest-growing communications sub-end market on a percentage basis.
Automotive Design Wins and 48-Volt Opportunity
Automotive growth began ramping in Q3, with demand diversified across customers and regions including the U.S., Europe, Asia, and China. MPS received first orders for 48-volt power solutions and expects 48-volt and zonal architectures to drive growth in 2027.
Robotics Products Beginning to Ramp
MPS began ramping robotic solutions across multiple geographies using sensor and motor-control products. Management said the current year is focused on accumulating robotics and other design wins, with more of those wins expected to convert to revenue in 2027.
Expansion of Memory and Storage Portfolio
MPS continued increasing its serviceable available market through high-speed memory products. New clock drivers and register clock-driver products are lined up for revenue in 2027 or 2028, and management expects these products to ramp significantly, potentially expanding the opportunity beyond power management.
DDR5 and Storage Demand
DDR5, primarily through power-management IC solutions, was identified as the largest growth contributor in the storage and compute segment. Hard-disk-drive and SSD business also showed healthy growth over the past year.
New Data Converter Design Win
MPS landed its first large data-converter design win and expects it to ramp next year. Management said it is still early in the process and is not yet prepared to quantify the long-term revenue contribution or total addressable market.
High-Voltage Portfolio and GaN Sampling
MPS continued building its high-voltage portfolio and began sampling internally developed GaN-based solutions for 800-volt data-center architectures, complementing its existing silicon-carbide designs. Customers can choose between GaN and silicon carbide.
800-Volt Power Architecture Opportunity
Management expects 800-volt architecture ramps to begin in late 2027, with more activity in 2028. The company is experimenting with 800-volt power in its own building and said the technology could provide power savings beyond data centers, including commercial buildings and residential applications.
Gross Margin and Operating Margin Expansion
Gross margin increased 10 basis points in Q3, and the midpoint of Q4 guidance implies another 10-basis-point increase. Management reaffirmed a 55% to 60% gross-margin model with slow, methodical expansion and said operating margin has been growing by approximately one point per quarter.
Operating Leverage From Efficient R&D
Management said higher growth rates are causing OpEx to fall below its model range because spending cannot increase as quickly as revenue. Executives emphasized that R&D efficiency and talent matter more than simply increasing R&D dollars.
Share Repurchase Program
MPS repurchased more than $450 million of its own stock during Q3.
Fabless Model Supports Capacity Growth
Management does not anticipate a large increase in capital intensity, a change to the capital structure, or a significant OpEx impact merely to add capacity, citing the flexibility of its fabless model.
Diversified Product and End-Market Strategy
MPS said it has more than 6,000 products, continues to develop new products across segments, and relies on a diversified growth strategy rather than predicting which individual market will lead. Management said design activity and customer excitement around new technologies indicate growth beyond next year.
Building Automation Pilot Underway
MPS installed its building-automation project in a 1 million-square-foot building in China and began experimenting with its own AC-to-DC power systems for 800-volt supply. Management said it has hardware components, chips, and module technology for the project, while acknowledging that reaching the previously discussed $40 billion to $50 billion opportunity will take time.
Inventory Positioned to Support Sales
Distribution inventory remained at the lean end of the normal range, and internal inventory declined to 117 days on a forward-revenue basis as revenue ramped. Management said inventory was not limiting the business and would be positioned as capacity and wafer starts increase.
Cost Increases Partially Shared With Customers
MPS said it is absorbing some cost increases while also increasing prices in some cases and sharing the increases with customers. Pricing was described as not a significant contributor to revenue growth; the focus is on avoiding gross-margin dilution.
MX:MPWR Earnings History
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.
Beat
Missed