MaxLinear reported fourth-quarter and full-year 2025 results showing strong revenue growth, margin expansion, and improved profitability, driven by new product traction across data center, broadband, and wireless infrastructure markets. The company posted Q4 net revenue of $136.4 million, up 8% sequentially and 48% year over year, reflecting continued recovery and expansion following prior-year softness. Fiscal year 2025 revenue reached $467.6 million, up 30% compared with fiscal 2024.
Gross margins improved on both a sequential and annual basis as operating discipline tightened. In the fourth quarter, GAAP gross margin rose to 57.6%, while non-GAAP gross margin reached 59.6%. Operating expenses declined materially from prior quarters, narrowing operating losses on a GAAP basis and delivering non-GAAP operating income of 16% of revenue. Cash flow from operations remained positive, marking a sustained turnaround from the prior year.
For the full fiscal year, MaxLinear reduced operating losses sharply while returning to non-GAAP profitability. GAAP operating losses improved to 27% of revenue from 62% in fiscal 2024, while non-GAAP operating income reached 9%. The company also generated $19.6 million in operating cash flow for the year and repurchased $20 million of common stock during the fourth quarter, signaling confidence in its forward outlook. Management guided Q1 2026 revenue to a range of $130 million to $140 million, with stable margins and controlled operating expenses.
• Q4 2025 net revenue: $136.4 million (+8% QoQ, +48% YoY)
• FY2025 net revenue: $467.6 million (+30% YoY)
• Q4 GAAP gross margin: 57.6%; non-GAAP gross margin: 59.6%
• Q4 non-GAAP operating income: 16% of revenue
• FY2025 operating cash flow: $19.6 million
• Q1 2026 revenue outlook: $130–$140 million
“Our fourth quarter and fiscal year results reflect strong sequential and year-over-year growth in our business,” said Kishore Seendripu, PhD, Chairman and CEO. “Our new products gained solid traction in the market, and we are on a strong path for sustained revenue growth and market share expansion in 2026 and 2027.”
🌐 Analysis
MaxLinear’s results underscore a broader recovery in communications and connectivity silicon, with data center interconnect, Ethernet, PON broadband, and Wi-Fi 7 emerging as key growth vectors. The company’s improved operating leverage and return to positive cash flow position it more competitively against peers as hyperscalers and operators resume infrastructure spending. Continued execution in high-integration, power-efficient mixed-signal devices will be critical as competition intensifies across Ethernet PHYs, access silicon, and data center connectivity.
