Monolithic Power Systems, Inc. (MPWR) Income Statement

24Y historyFree accessUpdated daily

Revenue grew from $507.4M in 2024Q2 to $1.2B in 2026Q3 while gross margin held near 55% and operating margin expanded from 23.0% to 29.7%, indicating strong operating leverage on a scaling revenue base.

Annual statement

MPWR Income Statement

Monolithic Power Systems, Inc. (MPWR) annual income statement — 24-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20	Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08	Dec'07	Dec'06	Dec'05	Dec'04	Dec'03	Dec'02

Sales/Revenue	3.74B	2.79B	2.21B	1.82B	1.79B	1.21B	844.45M	627.92M	582.38M	470.93M	388.67M	333.07M	282.54M	238.09M	213.81M	196.52M	218.84M	165.01M	160.51M	134M	105.02M	99.13M	47.6M	24.2M	12.21M
Revenue Growth %	40.49%	26.43%	21.2%	1.5%	48.55%	43.03%	34.48%	7.82%	23.67%	21.17%	16.69%	17.89%	18.67%	11.35%	8.8%	-10.2%	32.62%	2.8%	19.78%	27.6%	5.94%	108.28%	96.64%	98.31%	-
Cost of Goods Sold	1.67B	1.25B	986.23M	799.95M	745.6M	522.34M	378.5M	281.6M	259.71M	212.65M	177.79M	152.9M	129.92M	110.19M	100.67M	94.92M	97.38M	67.33M	61.18M	48.78M	38.11M	36M	19.49M	10.93M	6.83M
COGS % of Revenue	-	44.82%	44.68%	43.93%	41.56%	43.25%	44.82%	44.85%	44.6%	45.15%	45.74%	45.91%	45.98%	46.28%	47.08%	48.3%	44.5%	40.8%	38.12%	36.4%	36.29%	36.32%	40.95%	45.16%	55.97%
Gross Profit	2.07B	1.54B	1.22B	1.02B	1.05B	685.46M	465.95M	346.32M	322.67M	258.28M	210.87M	180.17M	152.62M	127.9M	113.15M	101.59M	121.46M	97.68M	99.33M	85.22M	66.91M	63.13M	28.1M	13.27M	5.37M
Gross Margin %	55.26%	55.18%	55.32%	56.07%	58.44%	56.75%	55.18%	55.15%	55.4%	54.85%	54.26%	54.09%	54.02%	53.72%	52.92%	51.7%	55.5%	59.2%	61.88%	63.6%	63.71%	63.68%	59.05%	54.84%	44.03%
Gross Profit Growth %	-	26.12%	19.56%	-2.62%	52.97%	47.11%	34.54%	7.33%	24.93%	22.48%	17.04%	18.05%	19.33%	13.04%	11.37%	-16.35%	24.34%	-1.66%	16.55%	27.37%	5.99%	124.62%	111.72%	146.99%	-
Operating Expenses	963.27M	811.11M	681.51M	539.38M	521.77M	423.04M	307.07M	243.76M	209.18M	180.86M	156.43M	139.1M	117.32M	103.99M	95.87M	88.18M	90.96M	78.15M	76.82M	75.55M	65.67M	56.66M	33.24M	16.48M	8.67M
OpEx % of Revenue	-	29.07%	30.88%	29.62%	29.08%	35.03%	36.36%	38.82%	35.92%	38.4%	40.25%	41.76%	41.52%	43.67%	44.84%	44.87%	41.56%	47.36%	47.86%	56.38%	62.54%	57.16%	69.83%	68.09%	71.03%
Selling, General & Admin	507.91M	428.84M	356.76M	275.74M	281.6M	232.41M	161.67M	133.54M	113.8M	97.26M	83.01M	72.31M	66.75M	54.62M	50.02M	40.28M	41.17M	39.85M	41.97M	29.54M	27.59M	18.43M	12.55M	10.99M	4.21M
SG&A % of Revenue	-	15.37%	16.16%	15.14%	15.7%	19.24%	19.14%	21.27%	19.54%	20.65%	21.36%	21.71%	23.63%	22.94%	23.39%	20.5%	18.81%	24.15%	26.15%	22.04%	26.28%	18.6%	26.37%	45.39%	34.49%
Research & Development	455.36M	382.26M	324.75M	263.64M	240.17M	190.63M	137.6M	107.76M	93.45M	82.36M	73.64M	65.79M	58.59M	49.73M	48.8M	44.52M	44.37M	38.3M	34.85M	27.34M	22.3M	14.83M	7.69M	5.49M	4.46M
R&D % of Revenue	-	13.7%	14.71%	14.48%	13.39%	15.78%	16.29%	17.16%	16.05%	17.49%	18.95%	19.75%	20.74%	20.89%	22.82%	22.65%	20.28%	23.21%	21.71%	20.4%	21.24%	14.96%	16.15%	22.7%	36.53%
Other Operating Expenses	0	0	0	0	0	0	7.8M	2.46M	1.92M	1.24M	-229K	1M	-8.03M	-371K	-2.94M	3.38M	5.42M	0	0	18.67M	15.78M	23.4M	7.83M	0	0
Operating Income	1.1B	728.64M	539.36M	481.74M	526.78M	262.42M	158.88M	102.56M	113.49M	77.42M	54.45M	41.07M	35.3M	23.91M	17.28M	13.42M	30.5M	19.53M	22.51M	9.67M	1.24M	6.46M	-5.53M	-3.21M	-3.29M
Operating Margin %	29.5%	26.11%	24.44%	26.45%	29.36%	21.73%	18.81%	16.33%	19.49%	16.44%	14.01%	12.33%	12.49%	10.04%	8.08%	6.83%	13.94%	11.84%	14.02%	7.22%	1.18%	6.52%	-11.62%	-13.25%	-26.99%
Operating Income Growth %	-	35.09%	11.96%	-8.55%	100.74%	65.16%	54.91%	-9.63%	46.58%	42.2%	32.57%	16.35%	47.61%	38.41%	28.78%	-56.01%	56.16%	-13.23%	132.75%	683%	-80.89%	216.9%	-72.48%	2.69%	-
EBITDA	1.13B	779.66M	575.79M	521.9M	563.9M	291.12M	178.07M	117.43M	125.8M	93.53M	69.12M	54.85M	48.43M	36.08M	26.61M	22.15M	38.51M	26.1M	28.23M	13.85M	15.48M	13.57M	7.63M	868.27K	-2.49M
EBITDA Margin %	30.1%	27.94%	26.09%	28.66%	31.43%	24.1%	21.09%	18.7%	21.6%	19.86%	17.78%	16.47%	17.14%	15.15%	12.45%	11.27%	17.6%	15.82%	17.59%	10.34%	14.74%	13.69%	16.03%	3.59%	-20.36%
EBITDA Growth %	52%	35.41%	10.32%	-7.45%	93.7%	63.49%	51.64%	-6.65%	34.51%	35.31%	26.01%	13.26%	34.25%	35.56%	20.15%	-42.49%	47.55%	-7.54%	103.78%	-10.52%	14.12%	77.81%	778.79%	134.93%	-
D&A (Non-Cash Add-back)	13.7M	51.03M	36.43M	40.17M	37.11M	28.7M	19.19M	14.87M	12.31M	16.1M	14.67M	13.78M	13.13M	12.16M	9.33M	8.73M	8.02M	6.57M	5.72M	4.18M	14.25M	7.1M	13.16M	4.07M	809.11K
EBIT	1.15B	766.22M	572.91M	505.84M	524.94M	272.22M	166.69M	105.03M	115.41M	78.67M	54.22M	42.07M	27.27M	23.54M	14.33M	16.8M	35.92M	19.53M	22.51M	9.67M	1.24M	6.46M	-5.24M	-3.21M	-3.29M
Net Interest Income	17.01M	29.15M	27.09M	23.36M	14.37M	11.64M	9.33M	7.3M	6.32M	5.35M	2.49M	1.61M	1.11M	92K	611K	671K	1.16M	1.05M	3.59M	0	0	0	0	0	0
Interest Income	17.01M	29.15M	27.09M	23.36M	14.37M	11.64M	9.33M	7.3M	6.32M	5.35M	2.49M	1.61M	1.11M	92K	611K	671K	1.16M	1.05M	3.59M	0	0	0	0	0	0
Interest Expense	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	42.64M	37.58M	33.55M	24.11M	-1.85M	9.8M	10.46M	10.56M	4.99M	5.52M	2.82M	1.42M	1.09M	92K	611K	309K	922K	618K	2.94M	4.6M	2.36M	1.59M	-7.76M	0	0
Pretax Income	1.15B	766.22M	572.91M	505.84M	524.94M	272.22M	169.34M	113.12M	118.48M	82.94M	57.26M	42.49M	36.39M	24.01M	17.89M	13.73M	31.42M	20.15M	25.44M	14.27M	3.6M	8.06M	-5.45M	0	0
Pretax Margin %	30.64%	27.46%	25.96%	27.78%	29.26%	22.54%	20.05%	18.02%	20.34%	17.61%	14.73%	12.76%	12.88%	10.08%	8.37%	6.98%	14.36%	12.21%	15.85%	10.65%	3.43%	8.13%	-11.46%	-	-
Income Tax	253.58M	150.29M	-1.21B	78.47M	87.27M	30.2M	4.97M	4.28M	13.21M	17.74M	4.54M	7.32M	897K	1.11M	2.13M	425K	1.86M	474K	1.22M	4.98M	6.46M	2.95M	-1M	-169.89K	-57.15K
Effective Tax Rate %	22.14%	19.61%	-211.86%	15.51%	16.62%	11.09%	2.93%	3.78%	11.15%	21.39%	7.94%	17.22%	2.46%	4.62%	11.93%	3.1%	5.91%	2.35%	4.78%	34.9%	179.55%	36.61%	18.36%	-	-
Net Income	891.73M	615.93M	1.79B	427.37M	437.67M	242.02M	164.38M	108.84M	105.27M	65.2M	52.72M	35.17M	35.49M	22.9M	15.76M	13.3M	29.56M	19.67M	24.23M	9.29M	-2.86M	5.11M	-4.45M	-3.04M	-3.24M
Net Margin %	23.85%	22.07%	80.95%	23.47%	24.39%	20.04%	19.47%	17.33%	18.08%	13.85%	13.56%	10.56%	12.56%	9.62%	7.37%	6.77%	13.51%	11.92%	15.09%	6.93%	-2.73%	5.15%	-9.35%	-12.54%	-26.52%
Net Income Growth %	-52.95%	-65.53%	318.06%	-2.35%	80.84%	47.24%	51.03%	3.39%	61.45%	23.68%	49.89%	-0.91%	55.01%	45.33%	18.46%	-55.01%	50.26%	-18.79%	160.75%	424.52%	-156.06%	214.74%	-46.6%	6.22%	-
Net Income (Continuing)	891.73M	615.93M	1.79B	427.37M	437.67M	242.02M	164.38M	108.84M	105.27M	65.2M	52.72M	35.17M	35.49M	22.9M	15.76M	13.3M	29.56M	19.67M	24.23M	9.29M	-2.86M	5.11M	-3.72M	-3.04M	-3.24M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	18.13	12.75	36.59	8.76	9.05	5.05	3.50	2.38	2.36	1.50	1.26	0.86	0.89	0.59	0.43	0.38	0.78	0.54	0.67	0.33	-0.10	0.17	-0.49	-0.49	-0.55
EPS Growth %	-53.73%	-65.15%	317.69%	-3.2%	79.21%	44.29%	47.06%	0.85%	57.33%	19.05%	46.51%	-3.37%	50.85%	37.21%	13.16%	-51.28%	44.44%	-19.4%	103.03%	440.21%	-157.06%	134.69%	0%	10.91%	-
EPS (Basic)	-	12.82	36.76	8.98	9.37	5.28	3.67	2.52	2.36	1.58	1.30	0.89	0.92	0.61	0.45	0.39	0.83	0.57	0.72	0.37	-0.10	0.18	-0.49	-0.49	-0.55
Diluted Shares Outstanding	49.18M	48.31M	48.84M	48.77M	48.36M	47.89M	47.01M	45.76M	44.6M	43.58M	41.91M	40.87M	39.79M	38.62M	36.25M	35.16M	37.83M	36.63M	36.12M	35.09M	29.5M	30.87M	9.13M	6.14M	5.86M
Basic Shares Outstanding	49.05M	48.03M	48.6M	47.61M	46.73M	45.85M	44.84M	43.16M	44.6M	41.35M	40.44M	39.47M	38.69M	37.39M	34.87M	34.05M	35.83M	34.31M	33.51M	31.7M	29.5M	28M	9.13M	6.14M	5.86M
Dividend Payout Ratio	-	46.24%	13.47%	43.49%	31.52%	45.19%	54.01%	61.83%	45.1%	52.03%	62.78%	85.2%	32.84%	-	226.35%	-	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeAccelerating

ProfitabilityStrong

Balance SheetHealthy

Cash FlowStable

Top Statement Risk

China revenue concentration exposure

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q3)

Revenue Growth Re-Accelerating Into Late 2025

Based on the reported quarterly figures, MPWR's revenue rose from $507.4M in 2024Q2 to roughly $1.2B in 2026Q3, with year-over-year growth reaching 63.1% in the latest quarter, suggesting demand has moved beyond a cyclical rebound.

The sequential acceleration from 26.1% to 47.6% to 63.1% year-over-year growth across 2026 quarters points to a step-change in demand rather than a normalizing recovery. The growth appears concentrated in Computing and AI-related power applications, which may indicate durability while those end markets remain capital-intensive. Investors should monitor whether growth holds once comparisons toughen in the second half of the cycle.

Gross Margin Stability Despite Revenue Surge

According to reported income statement figures, gross margin held within a narrow 55.1% to 55.4% band across all ten quarters, even as quarterly revenue nearly doubled, which implies pricing power is holding rather than being traded for volume.

A stable gross margin during a rapid volume ramp is an unusual pattern for semiconductor suppliers, and it suggests the premium placed on high-complexity power stages is being maintained. Because MPWR operates a fabless-lite model, the stability likely reflects foundry cost pass-through and favorable mix rather than internal manufacturing efficiency. Any compression from wafer cost inflation would be the first signal of a change in this dynamic.

Operating Margin Expansion Through Scale

Based on the reported figures, operating margin moved from 23.0% in 2024Q2 to 29.7% in 2026Q3 while SG&A held near 9-13% of revenue, indicating that operating income is scaling faster than gross profit.

Operating income grew from $116.5M to $357.7M over the period, a rate well above gross profit growth, which points to genuine operating leverage. R&D spending rose in absolute dollars but declined as a share of revenue, consistent with a company investing ahead of volume rather than being constrained by it. The key question is whether this leverage persists if R&D must step up to defend the power density lead.

Net Income Distorted by Single-Period Anomalies

As reported in financial statements, the 2024Q4 net income figure of $1.4B and the corresponding EPS of $29.88 appear inconsistent with the operating income of $163.3M, suggesting a non-operating or one-time item that warrants further investigation.

The 2024Q4 net income spike and the negative net margin implied by the 2025Q4 EPS growth of -88.4% indicate that reported EPS is not a clean read on operating performance in those periods. Stock-based compensation, which ranges from zero to over $100M per quarter, further complicates the bridge from operating to net income. Investors should rely on operating income and adjusted cash earnings rather than headline EPS when comparing quarters.

Concentration and Cyclicality Risks Could Reverse Gains

Based on reported geographic disclosures, China-linked revenue of roughly 37-40% creates exposure to export-control escalation, and a demand pause in AI capital spending could expose margins that have only been tested during an upswing.

The strongest bear argument is that the current growth rate reflects a concentrated AI build-out that may not be linear, and the 63.1% year-over-year figure could mark a peak rather than a new baseline. Revenue is recognized on sell-in to distributors, so channel inventory build could flatter reported growth ahead of end-demand softening. Geopolitical restrictions on high-performance power modules sold into China represent a discrete downside that the current margin profile does not yet reflect.

MPWR — Frequently Asked Questions

Quick answers to the most common questions about buying MPWR stock.

What was Monolithic Power Systems, Inc.'s (MPWR) revenue in 2025?

For fiscal year 2025, Monolithic Power Systems, Inc. (MPWR) reported total revenue of $2.79B. This represents a 22762.1% increase compared to $12.2M in 2002.

Is Monolithic Power Systems, Inc. (MPWR) profitable?

Monolithic Power Systems, Inc. (MPWR) is profitable, generating $615.9M in net income for the fiscal year ending 2025 with a net profit margin of 22.1%.

What is Monolithic Power Systems, Inc.'s operating profit margin?

Monolithic Power Systems, Inc. (MPWR) reported an operating income of $728.6M, resulting in an operating profit margin of 26.1%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Monolithic Power Systems, Inc.'s gross profit and gross margin?

Monolithic Power Systems, Inc. (MPWR) generated $1.54B in gross profit for the year, representing a gross profit margin of 55.2%. This demonstrates the company's core pricing power and production efficiency.