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EarningsQ2 2026 Earnings Report
MXL Q2 2026 EPS Results
Actual EPS$0.35
Consensus EPS$0.33
Beat/MissBeat by +$0.02
One Year Ago EPS$0.02
MXL Q2 2026 Revenue Results
Actual Revenue$168.85M
Expected Revenue$164.64M
Beat/MissBeat by +$4.21M
YoY Revenue Growth+55.17%
Earnings Announcement Details
QuarterQ2 2026
Date07/23/2026
TimeAfter Close
Conference CallThursday, July 23, 2026
MXL Upcoming Earnings
Maxlinear's next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MXL Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong positive operational and financial momentum: robust revenue growth (Q2 revenue +55% YoY, +23% QoQ), infrastructure revenue up 145% YoY, improved gross margins (~59.5% non-GAAP) and a return to GAAP EPS positivity ($0.02). Management raised 2026 optical revenue expectations and provided confident Q3 guidance (midpoint non-GAAP gross margin ~60% and revenue $210M–$220M). Key technology wins (Keystone ramp, Rushmore sampling) and multiple design wins broaden the product footprint. Offsetting factors include rising purchase obligations and wafer prepayments, input cost pressures, elevated GAAP OpEx driven by stock compensation, modest operating cash generation this quarter, and execution/timing risk around next‑gen product ramps and potential customer concentration as volumes consolidate. On balance the positives—substantial top-line growth, margin expansion, strong product ramps and upgraded guidance—meaningfully outweigh the near-term risks and obligations.Company Guidance
Strong Revenue Growth
Total Q2 revenue of $168.8M, up 23% sequentially from $137.2M and up 55% year-over-year from $108.8M.
Infrastructure Surge
Infrastructure became the largest revenue category at approximately $85M in Q2 and grew 145% year-over-year, driven by ramps of optical data center products.
Raised Optical Revenue Expectations
Company raised 2026 optical data center revenue expectation to $210M–$230M based on robust orders and backlog; incremental raise in outlook largely attributed to Keystone.
Improved Profitability and Margins
Returned to positive GAAP EPS of $0.02 in Q2; non-GAAP EPS was $0.35. Q2 GAAP gross margin was 57.8% and non-GAAP gross margin was 59.5%; Q3 non-GAAP gross margin guidance midpoint is 60% (range 58.5%–61.5%). Non-GAAP operating income was 22% of revenue in Q2.
Product Technology Wins and Roadmap
Keystone (5nm, 100Gb per lane PAM4 DSP/SerDes) ramping in high-volume production and delivering nearly 40% lower power vs. competition. Rushmore (1.6T) sampling and expected to contribute in 2027; Washington (TIA) and Annapurna (retimer) sampling with initial revenue expected in 2027 and meaningful ramps in 2028. Panther storage accelerators expected to ~double revenue in 2026 with potential to nearly double again in 2027.
Broad Design Wins and Market Adoption
First XGS-PON hyperscaler design win qualified for 2027 ramp; USB bridge controllers won at two major hyperscalers; large-scale deployments of single-chip fiber PON and Wi‑Fi 7 gateways at Tier 1 service providers in NA and Europe.
Strong Near-Term Guidance
Q3 2026 revenue guidance of $210M–$220M (implying substantial sequential growth), GAAP gross margin 57%–60%, non-GAAP gross margin 58.5%–61.5%, GAAP OpEx $98M–$104M and non-GAAP OpEx $66M–$71M. Management reiterated long-term path toward ~65% gross margins and 30%–35% operating margins.
Working Capital and Inventory Improvements
Net cash provided by operating activities of ~$4.8M in Q2; cash, cash equivalents and restricted cash ~$93.7M at quarter end. Days sales outstanding ~28 days (vs. 27 days prior quarter) and days of inventory improved from 128 days to 123 days.
MXL 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