Despite a 43.0% year-over-year revenue recovery in 2026Q1, the company remains constrained by a -12.5% operating margin and a heavy $53.2 million quarterly R&D expenditure.
| 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 |
|---|
| Sales/Revenue | 508.9M | 467.64M | 360.53M | 693.26M | 1.12B | 892.4M | 478.6M | 317.18M | 385M | 420.32M | 387.83M | 300.36M | 133.11M | 119.65M | 97.73M | 71.94M | 68.7M | 51.35M | 31.33M | 9.7M |
| Revenue Growth % | 40.89% | 29.71% | -48% | -38.12% | 25.53% | 86.46% | 50.89% | -17.61% | -8.4% | 8.38% | 29.12% | 125.64% | 11.25% | 22.43% | 35.85% | 4.71% | 33.79% | 63.9% | 223.13% | - |
| Cost of Goods Sold | 218.97M | 201.83M | 168.11M | 310.48M | 482.44M | 420.19M | 289.33M | 172.58M | 208.35M | 241.73M | 157.84M | 144.94M | 51.15M | 45.58M | 37.02M | 26.62M | 21.56M | 17.05M | 12.68M | 4.9M |
| COGS % of Revenue | - | 43.16% | 46.63% | 44.79% | 43.07% | 47.09% | 60.45% | 54.41% | 54.12% | 57.51% | 40.7% | 48.25% | 38.43% | 38.1% | 37.88% | 37% | 31.38% | 33.2% | 40.46% | 50.5% |
| Gross Profit | 289.93M | 265.81M | 192.42M | 382.78M | 637.81M | 472.2M | 189.26M | 144.6M | 176.65M | 178.59M | 229.99M | 155.42M | 81.96M | 74.06M | 60.71M | 45.32M | 47.14M | 34.3M | 18.66M | 4.8M |
| Gross Margin % | 56.97% | 56.84% | 53.37% | 55.21% | 56.93% | 52.91% | 39.55% | 45.59% | 45.88% | 42.49% | 59.3% | 51.75% | 61.57% | 61.9% | 62.12% | 63% | 68.62% | 66.8% | 59.54% | 49.5% |
| Gross Profit Growth % | - | 38.15% | -49.73% | -39.99% | 35.07% | 149.49% | 30.89% | -18.14% | -1.08% | -22.35% | 47.98% | 89.64% | 10.66% | 22% | 33.95% | -3.86% | 37.43% | 83.87% | 288.67% | - |
| Operating Expenses | 370.61M | 392.7M | 361.15M | 398.78M | 452.49M | 404.75M | 272.24M | 164.02M | 189.71M | 178.73M | 156.48M | 157.76M | 90.52M | 84.06M | 73.62M | 60.33M | 43.64M | 29.71M | 20.67M | 14.22M |
| OpEx % of Revenue | - | 83.98% | 100.17% | 57.52% | 40.39% | 45.36% | 56.88% | 51.71% | 49.28% | 42.52% | 40.35% | 52.52% | 68% | 70.26% | 75.33% | 83.87% | 63.52% | 57.86% | 65.96% | 146.66% |
| Selling, General & Admin | 164.51M | 159.58M | 135.96M | 129.28M | 156.05M | 126.32M | 92.25M | 65.73M | 69.81M | 67M | 58.73M | 72.35M | 33.89M | 30.93M | 27.23M | 20.18M | 15.91M | 9.92M | 6.36M | 4.3M |
| SG&A % of Revenue | - | 34.12% | 37.71% | 18.65% | 13.93% | 14.15% | 19.28% | 20.72% | 18.13% | 15.94% | 15.14% | 24.09% | 25.46% | 25.85% | 27.86% | 28.05% | 23.16% | 19.32% | 20.29% | 44.31% |
| Research & Development | 206.3M | 208.6M | 225.19M | 269.5M | 296.44M | 278.44M | 179.99M | 98.3M | 119.9M | 111.73M | 97.75M | 85.41M | 56.63M | 53.13M | 46.39M | 40.16M | 27.73M | 19.79M | 14.31M | 9.92M |
| R&D % of Revenue | - | 44.61% | 62.46% | 38.87% | 26.46% | 31.2% | 37.61% | 30.99% | 31.14% | 26.58% | 25.2% | 28.43% | 42.54% | 44.41% | 47.47% | 55.82% | 40.36% | 38.54% | 45.67% | 102.35% |
| Other Operating Expenses | -198K | 24.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -81.16M | -126.89M | -168.74M | -16M | 185.32M | 67.45M | -82.98M | -19.42M | -13.06M | -147K | 73.51M | -2.33M | -8.56M | -10M | -12.91M | -15.01M | 3.5M | 4.59M | -2.01M | -9.42M |
| Operating Margin % | -15.95% | -27.13% | -46.8% | -2.31% | 16.54% | 7.56% | -17.34% | -6.12% | -3.39% | -0.03% | 18.95% | -0.78% | -6.43% | -8.36% | -13.21% | -20.87% | 5.1% | 8.94% | -6.42% | -97.15% |
| Operating Income Growth % | - | 24.8% | -954.8% | -108.63% | 174.75% | 181.29% | -327.25% | -48.69% | -8785.03% | -100.2% | 3250.92% | 72.74% | 14.42% | 22.53% | 14.02% | -528.45% | -23.69% | 328.46% | 78.66% | - |
| EBITDA | -50.15M | -82.9M | -122.58M | 46.64M | 257.22M | 151.86M | -10.36M | 44.89M | 65.97M | 66.59M | 100.21M | 38.31M | -3.45M | -6.29M | -9.38M | -11.85M | 5.38M | 5.43M | -1.4M | -8.95M |
| EBITDA Margin % | -9.85% | -17.73% | -34% | 6.73% | 22.96% | 17.02% | -2.16% | 14.15% | 17.13% | 15.84% | 25.84% | 12.75% | -2.59% | -5.25% | -9.59% | -16.48% | 7.83% | 10.58% | -4.48% | -92.34% |
| EBITDA Growth % | 56.07% | 32.38% | -362.84% | -81.87% | 69.38% | 1565.93% | -123.07% | -31.94% | -0.94% | -33.55% | 161.6% | 1210.06% | 45.09% | 32.97% | 20.9% | -320.46% | -1.03% | 486.97% | 84.32% | - |
| D&A (Non-Cash Add-back) | 31.01M | 43.99M | 46.15M | 62.63M | 71.9M | 84.41M | 72.62M | 64.31M | 79.03M | 66.74M | 26.7M | 40.64M | 5.11M | 3.71M | 3.53M | 3.16M | 1.87M | 841K | 606K | 467K |
| EBIT | -84.34M | -102.36M | -227.84M | -53.11M | 183.97M | 60.87M | -101.9M | -21.35M | -18.6M | -23.62M | 63.79M | -42.81M | -8.86M | -12.35M | -12.86M | -14.96M | 3.77M | 4.61M | -1.84M | -8.63M |
| Net Interest Income | -5.03M | -6.67M | -4.49M | -4.65M | -9.52M | -12.92M | -12.54M | -10.36M | -14.18M | -10.1M | 468K | 175K | 221K | 218K | 229K | 223K | 297K | -1K | 105K | 576K |
| Interest Income | 3.15M | 3.38M | 6.39M | 6.05M | 245K | 78K | 409K | 775K | 78K | 274K | 572K | 275K | 236K | 222K | 282K | 292K | 326K | 51K | 179K | 654K |
| Interest Expense | 5.36M | 10.06M | 10.87M | 10.7M | 9.77M | 13M | 12.95M | 11.13M | 14.26M | 10.38M | 104K | 100K | 15K | 4K | 53K | 69K | 29K | 52K | 74K | 78K |
| Other Income/Expense | -29.38M | -14M | -69.98M | -47.81M | -11.12M | -19.58M | -31.88M | -13.06M | -19.79M | -33.85M | -9.82M | -40.57M | -187K | -2.33M | -3K | -18K | 239K | -33K | 96K | 711K |
| Pretax Income | -110.54M | -140.89M | -238.72M | -63.81M | 174.2M | 47.87M | -114.85M | -32.48M | -32.85M | -34M | 63.69M | -42.91M | -8.74M | -12.33M | -12.91M | -15.03M | 3.74M | 4.56M | -1.91M | -8.71M |
| Pretax Margin % | -21.72% | -30.13% | -66.21% | -9.2% | 15.55% | 5.36% | -24% | -10.24% | -8.53% | -8.09% | 16.42% | -14.28% | -6.57% | -10.31% | -13.21% | -20.89% | 5.45% | 8.88% | -6.11% | -89.82% |
| Income Tax | 21.56M | -4.21M | 6.48M | 9.34M | 49.16M | 5.9M | -16.26M | -12.59M | -6.65M | -24.81M | 2.4M | -575K | -1.7M | 402K | 341K | 6.99M | -6.37M | 230K | 0 | 78K |
| Effective Tax Rate % | -19.5% | 2.99% | -2.71% | -14.63% | 28.22% | 12.33% | 14.16% | 38.75% | 20.25% | 72.98% | 3.77% | 1.34% | 19.49% | -3.26% | -2.64% | -46.52% | -170.21% | 5.04% | 0% | -0.9% |
| Net Income | -132.1M | -136.68M | -245.2M | -73.15M | 125.04M | 41.97M | -98.59M | -19.9M | -26.2M | -9.19M | 61.29M | -42.33M | -7.04M | -12.73M | -13.25M | -22.02M | 10.11M | 4.33M | -1.91M | -8.71M |
| Net Margin % | -25.96% | -29.23% | -68.01% | -10.55% | 11.16% | 4.7% | -20.6% | -6.27% | -6.8% | -2.19% | 15.8% | -14.09% | -5.29% | -10.64% | -13.56% | -30.62% | 14.72% | 8.43% | -6.11% | -89.82% |
| Net Income Growth % | 40.65% | 44.26% | -235.21% | -158.5% | 197.93% | 142.57% | -395.49% | 24.05% | -185.17% | -114.99% | 244.79% | -501.21% | 44.7% | 3.92% | 39.83% | -317.76% | 133.63% | 326.18% | 78.02% | - |
| Net Income (Continuing) | -132.1M | -136.68M | -245.2M | -73.15M | 125.04M | 41.97M | -98.59M | -19.9M | -26.2M | -9.19M | 61.29M | -42.33M | -7.04M | -12.73M | -13.25M | -22.02M | 10.11M | 4.33M | -1.91M | -8.71M |
| Discontinued Operations | 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 |
| EPS (Diluted) | -1.51 | -1.58 | -2.93 | -0.91 | 1.55 | 0.53 | -1.35 | -0.28 | -0.38 | -0.14 | 0.91 | -0.79 | -0.19 | -0.37 | -0.40 | -0.68 | 0.30 | 0.06 | -0.19 | -0.76 |
| EPS Growth % | 42.21% | 46.08% | -221.98% | -158.71% | 192.45% | 139.26% | -382.14% | 26.32% | -171.43% | -115.38% | 215.19% | -315.79% | 48.65% | 7.5% | 41.18% | -326.67% | 400% | 131.58% | 75% | - |
| EPS (Basic) | - | -1.58 | -2.93 | -0.91 | 1.60 | 0.55 | -1.35 | -0.28 | -0.38 | -0.14 | 0.96 | -0.79 | -0.19 | -0.37 | -0.40 | -0.68 | 0.33 | 0.06 | -0.19 | -0.86 |
| Diluted Shares Outstanding | 87.59M | 86.59M | 83.6M | 80.72M | 80.85M | 79.68M | 73.13M | 71M | 68.49M | 66.25M | 67.65M | 53.38M | 36.47M | 34.01M | 33.2M | 32.57M | 29.48M | 11.51M | 10.2M | 11.51M |
| Basic Shares Outstanding | 87.59M | 86.59M | 83.6M | 80.72M | 78.04M | 76.04M | 73.13M | 71M | 68.49M | 66.25M | 63.78M | 53.38M | 36.47M | 34.01M | 33.13M | 32.57M | 26.74M | 10.13M | 9.91M | 10.13M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent Operating Margin Deficit
As reported in recent financial filings, MaxLinear's quarterly revenue has demonstrated a notable recovery, reaching $137.2 million in 2026Q1, which represents a 43.0% year-over-year growth rate, signaling a potential stabilization in end-market demand following the significant contraction observed throughout the 2024 fiscal year.
The recent acceleration in top-line performance suggests that the company is successfully navigating the inventory clearing phase that plagued the broadband segment. However, investors should monitor whether this growth is sustainable or merely a reflection of channel restocking, as the company remains highly sensitive to service provider CAPEX cycles.
Based on the provided income statement data, MaxLinear has maintained a gross margin of 57.5% as of 2026Q1, demonstrating a structural ability to preserve pricing power despite the significant revenue fluctuations and the broader industry-wide challenges impacting the semiconductor manufacturing cost environment.
The stability of these margins suggests that the company's specialized mixed-signal IP continues to command a premium, even as volume-driven segments face headwinds. Maintaining this level of profitability is critical, as it provides the necessary gross profit dollars to support the company's heavy R&D investment requirements.
According to the latest quarterly results, MaxLinear continues to struggle with operating leverage, reporting a negative operating margin of -12.5% in 2026Q1, which indicates that the current revenue scale is insufficient to absorb the company's substantial fixed R&D and SG&A expenditure base.
The persistent gap between gross profit and operating expenses suggests that the company's cost structure is currently misaligned with its revenue run-rate. Unless the company can achieve a higher revenue ceiling, the path to operating profitability appears to be contingent on significant expense rationalization or a major product cycle inflection.
As indicated by the recent income statement data, MaxLinear's earnings quality is increasingly influenced by stock-based compensation, which reached $20.0 million in 2026Q1, further complicating the path to GAAP profitability and potentially diluting shareholder value during this period of sustained net income losses.
The emergence of significant stock-based compensation in recent quarters warrants careful investigation, as it may mask the true cash-burn profile of the business. Investors should monitor whether this compensation is tied to performance milestones that align with long-term margin expansion or if it represents a structural increase in operating costs.
Based on the reported figures, MaxLinear's R&D spending remains a dominant cost driver, consistently exceeding $50 million per quarter, which highlights the company's commitment to maintaining its competitive edge in high-performance analog and RF design despite the ongoing lack of bottom-line profitability.
This heavy reliance on R&D investment suggests that management is prioritizing long-term technological relevance over short-term earnings. While this strategy may be necessary to compete in the PAM4 optical DSP market, it leaves the company vulnerable to cash flow volatility if revenue growth fails to materialize as expected.
Quick answers to the most common questions about buying MXL stock.
For fiscal year 2025, MaxLinear, Inc. (MXL) reported total revenue of $467.6M. This represents a 4723.0% increase compared to $9.7M in 2007.
MaxLinear, Inc. (MXL) reported a net loss of $136.7M for the fiscal year ending 2025.
MaxLinear, Inc. (MXL) reported an operating income of $-126.9M, resulting in an operating profit margin of -27.1%. This margin reflects the operational efficiency of the business before interest and taxes.
MaxLinear, Inc. (MXL) generated $265.8M in gross profit for the year, representing a gross profit margin of 56.8%. This demonstrates the company's core pricing power and production efficiency.